Netweb Technologies India raises Rs 1,200 crore via qualified institutional placement

Representational Image. File pic.

High-end server maker Netweb Technologies India has raised Rs 1,200 crore through the qualified institutional placement route, the company said on Tuesday.

Pursuant to the QIP (qualified institutional placement), the company allotted 2,505,219 shares with a face value Rs 2 each at an issue price of Rs 4,790 per equity share, including a premium of Rs 4,788.00 per equity share.

"Netweb Technologies India Limited...announced the successful completion of its qualified institutions placement raising an aggregate of approximately Rs 1,200 crore," the company said in a statement

The QIP marks the first equity capital raised by the company since its listing on the NSE and BSE in July 2023.

Marquee investors such as Goldman Sachs Asset Management, Nomura Asset Management, Amundi Asset Management, Think Investments, ICICI Prudential MF, Edelweiss MF, Invesco MF, HDFC MF, Kotak MF, Tata MF, Motilal Oswal MF, Bank of India MF, Trust MF and Helios MF participated in the QIP.

"The company intends to utilise the net proceeds of the QIP towards funding its working capital requirements to support the execution of its anticipated growth in the order book and general corporate purposes…," the statement said.

Netweb Technologies Chairman and Managing Director Sanjay Lodha said that the QIP reflects confidence not only in the company's performance but also in the long-term opportunity across AI and high-end computing infrastructure.

"The capital raised strengthens our balance sheet and financial flexibility and enhances our ability to support the working-capital requirements in line with anticipated growth in our scale of operations and order book," he said.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.