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Shilpi Cable raising $3.2M through preferential allotment to FIIs

Shilpi Cable Technologies Ltd is raising around Rs 20.27 crore ($3.24 million) through a preferential allotment of shares to a couple of foreign institutional investors (FIIs), as per a stock market disclosure.

It will allot 2.35 million shares to Aspire Emerging Fund and 4.4 million shares to Highbluesky Emerging Market Fund at an issue price of Rs 30 each. Highbluesky will hold 9.94 per cent stake and Aspire will pick 5.33 per cent of the diluted capital.

Presently, promoters of Shilpi Cable own 44.74 per cent in the company, which will come down to 37.9 per cent post the preferential share allotment.

This issue is part of a larger funding that the firm is working on. Last month, it had said it is looking to raise as much as Rs 35.4 crore through preferential allotment to four FIIs. Besides Highbluesky and Aspire, it had approved issue of shares to Leman Diversified Fund and Davos International Fund.

The four FIIs together will own around 23.9 per cent post the preferential allotment.

Shilpi Cable manufactures a wide range of cables for industries like telecom, automotive and energy at its plants in Choupanki and Bhiwadi. It went public in early 2011.

(Edited by Joby Puthuparampil Johnson)

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