Sunil Hitech raises Rs 81 crore

Sunil Hitech Engineers on which we had recommended a BUY has informed us that the company has successfully raised Rs 81 crores through Qualified Institutional Players (QIPs) route. A total of 22.50 lakh shares (face value of Rs 10) were placed with 5 top foreign and domestic institutional investors at Rs 360 per share. Avendus Capital was the sole Global Co-ordinator & Lead Manager to the QIP.

Following this placement the equity shares capital of the company has increased to Rs 12.28 crore from the existing Rs 10.03 crore. The market cap of the company is around Rs 374 crore.