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Sequoia Capital-backed PI Industries raises $21.8M through QIP

PI Industries Ltd, an agri-input and custom synthesis company backed by Sequoia Capital, has raised Rs 117 crore ($21.8 million) via qualified institutions placement (QIP), the company disclosed in a statement to the Bombay Stock Exchange.

The Gurgaon-based firm issued 1.92 million at Rs 609.60 a piece. PI Industries scrip was down 0.66 per cent to close at Rs 625 a unit on the BSE in a flat Mumbai market on Wednesday.

PI Industries, which has over 1,100 employees, currently operates three formulation and two manufacturing facilities, as well as four multi-product plants under its three business units across Jammu and Gujarat.

Post QIP, the promoters’ holding has shrunk from 63.5 per cent to around 59 per cent. Sequoia owns around 4 per cent stake post the fresh equity issue.

Last quarter, Standard Chartered Private Equity exited its three-year-old investment in PI Industries with over 4x returns.

(Edited by Prem Udayabhanu)

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