Pitti Engineering raises Rs.360-Cr via QIP

Publicly-listed, Hyderabad-based Pitti Engineering Ltd (formerly Pitti Laminations Limited) has raised INR 360 crore through the qualified institutional placement.The company is to allot 34,14,749 equity shares to qualified institutional buyers (QIBs) at INR 1,054.25 per equity share. Domestic and global institutional investors such as SBI MF, Aditya Birla Sunlife MF, HSBC MF, Franklin India Smaller Companies Fund, Motilal Oswal Small Cap Fund and Kotak Mahindra Life Insurance Company participated in the QIP. The proceeds of the QIP will be used for repaying loans.