Carysil Ltd, a household appliances manufacturer, announced on Monday (July 1) the commencement of its qualified institutional placement (QIP), setting the floor price at ₹837.89 per share. The company stated in a stock exchange filing, "Accordingly, the floor price in respect of the Issue based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹837.89 per Equity Share."
Carysil Ltd may offer up to a 5% discount on the floor price, with the final issue price to be decided in consultation with the lead manager. "Pursuant to Regulation 176(1) of the SEBI ICDR Regulations and in accordance with the approval of the members of the Company accorded through a Special Resolution on May 02, 2024, the Company at its discretion may offer a discount of not more than 5% on the floor price so calculated for the Issue," the company noted. This follows the board’s approval on March 20, 2024, and a special resolution passed by members on May 2, 2024.
Last month, Carysil reported that it is on track to achieve its revenue target of ₹1,000 crore for the April-March 2024-25 period. "We are seeing a lot of organic opportunities and signs of recovery in markets like the US and Europe, except Germany. We have plans to expand our B2C brand in the US market using United Granite as our platform," said Chirag Parekh, Chairman and Managing Director of the Gujarat-based company, in an interview with CNBC-TV18.
Parekh also mentioned that inorganic growth could contribute approximately ₹150 crore to this year’s revenue. For January-March, the company reported a revenue of ₹190 crore, up from ₹145 crore the previous year. Margins stood at 18%, and profit after tax increased by 25% to ₹15 crore.
Shares of Carysil Ltd ended at ₹838, down by ₹3.75 or 0.45% on the BSE.
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