Craftsman Automation promoter launches ₹484 crore block deal, offers up to 2.01% stake

Craftsman Automation launches ₹2,000 crore QIP, sets floor price at ₹8,966


Promoter shareholder Srinivasan Ravi has launched a block deal in shares of Craftsman Automation, seeking to sell up to 2.01% of the company’s total equity through a base offer and greenshoe option.

The transaction size is estimated at ₹484 crore, according to the term sheet.

The shares are being offered at a floor price of ₹925 apiece. The sale is subject to an 18-month lock-up period.

Earlier on June 15, the company said its Fund-Raising Committee has approved the launch of a Qualified Institutions Placement (QIP) of equity shares for an aggregate amount not exceeding ₹2,000 crore.Craftsman Automation Q4 results

Company’s revenue for the quarter increased by 27.3% from last year to ₹2,226 crore, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by 47.2% year-on-year to ₹358.5 crore from ₹243.6 crore.

EBITDA margin expanded by over 200 basis points to 16.1% from 13.9% last year, while net profit grew by 74.4% year-on-year to ₹116.4 crore from ₹66.8 crore during the year-ago period.

The base quarter had an exceptional item of ₹10 crore, which was down to ₹54 lakh this time around. Profitability was also aided by a jump in the other income component from last year.

Shares of Craftsman Automation Ltd fell 3.43% to close at ₹9,470 on the NSE on Monday.

Also Read: JSW Infrastructure opens QIP, fixes floor price at ₹290.35; includes OFS plan



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