Transformers and Rectifiers locked in upper circuit after QIP launch

Transformers and Rectifiers (India) went up 5% at Rs 769.15 after its board allowed the launch of a qualified institutional placement (QIP) of equity shares at a floor price of Rs 699.95 per share.

The company’s board of directors authorized and declared the issue open on Monday, June 10, 2024. The floor price of Rs 699.95 is at a discount of 4.45% to the previous day’s closing price of Rs 732.55 on the BSE.

The business may give a discount of not more than five per cent on the floor price so calculated for the issue.

Transformers & Rectifiers (India) produces transformers for global and domestic markets.

In Q4 FY24, the company recorded a consolidated net profit of Rs 41.62 crore, which is much larger than Q4 FY23’s Rs 9.6 crore. In Q4 FY24, revenue from operations climbed by 16.96% to Rs 512.7 crore.

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