The QIP was priced at INR 345 per share (including a premium of INR 343 per share with face value of INR 2 per share). QIP received overwhelming response from marquee investors including Indian mutual funds, insurance companies and foreign institutional investors, the company said in a media release.
Raghupati Singhania, Chairman and Managing Director, JK Tyre, said; “We are pleased to have successfully completed QIP of INR 500 crore. This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the company’s growth story. The QIP funds will be used for growth Capex and strengthening of the balance sheet”.
JKTI, the flagship company of the JK group is one of the leading tyre manufacturers in India with a wide range of products catering to diverse business segments including, truck/bus, light commercial vehicles (LCV), passenger cars, multi-utility vehicles (MUV) and tractors. It is one of the few companies to have a multi-tier product approach, the release said.
JK is also one of the leading players in truck and bus radial tyres in India. It has grown to be one of the largest manufacturers of passenger car tyres in India as of fiscal 2023 and is also one of the few Indian companies to have developed PCR tyre with high sustainable, recycled and renewable materials. JK Tyre has secured ESG-2 grading for the second consecutive year in ESG performance from CareEdge, the release added.