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What is the story about?
Shares of TD Power Systems Ltd. fell nearly 4% on Tuesday, October 13, after the company closed its qualified institutional placement (QIP) and allotted shares to eligible institutional investors, raising ₹600 crore from the exercise.
The company’s Fund Raising Committee approved the allotment of 77.42 lakh equity shares at ₹775 apiece, including a premium of ₹774 per share, aggregating to ₹599.99 crore. The issue price represented a 0.05% discount to the floor price of ₹775.35 per share.
The QIP opened on October 7 and closed on October 12. Following the allotment, TD Power Systems’ paid-up equity share capital increased from ₹31.37 crore to ₹32.14 crore.
According to the allotment disclosure, Axis Mutual Fund (various schemes) received 10,32,258 shares, representing 13.33% of the issue on a PAN-clubbed basis. Canara Robeco Mutual Fund (various schemes) was allotted 10,32,258 shares, also accounting for 13.33%.
ICICI Prudential Mutual Fund (various schemes) received 10,32,258 shares, or 13.33% of the issue on a PAN-clubbed basis. Mirae Asset Mutual Fund (various schemes) was allotted 6,45,161 shares, representing 8.33%.
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Aditya Birla Sun Life Mutual Fund (various schemes) received 4,51,612 shares, or 5.83%, while Societe Generale – ODI was allotted 4,38,708 shares, representing 5.67%. Bandhan Mutual Fund (various schemes) received 3,87,096 shares, accounting for 5% of the issue.
TD Power's shareholding pattern as of September 30 shows that promoters held 27.16% of the company, while public shareholders held the remaining 72.84%.
Mutual funds were the largest institutional investor category, holding 25.67% of the company's equity, followed by foreign portfolio investors (FPIs) in Category I with 21.10%.
Among individual mutual fund schemes, Nippon India Small Cap Fund held 6.91%, Axis Focused Fund 4.15% and HSBC Midcap Fund 3.42%. Retail investors holding nominal share capital of up to ₹2 lakh accounted for 13.42% of the equity, while alternative investment funds held 1.69%.
Shares of TD Power are now trading 3.5% lower on Tuesday at ₹797.1, close to its intraday low of ₹795.1. The stock has risen 137% so far this year.
The company’s Fund Raising Committee approved the allotment of 77.42 lakh equity shares at ₹775 apiece, including a premium of ₹774 per share, aggregating to ₹599.99 crore. The issue price represented a 0.05% discount to the floor price of ₹775.35 per share.
The QIP opened on October 7 and closed on October 12. Following the allotment, TD Power Systems’ paid-up equity share capital increased from ₹31.37 crore to ₹32.14 crore.
Mutual funds among key allottees
According to the allotment disclosure, Axis Mutual Fund (various schemes) received 10,32,258 shares, representing 13.33% of the issue on a PAN-clubbed basis. Canara Robeco Mutual Fund (various schemes) was allotted 10,32,258 shares, also accounting for 13.33%.
ICICI Prudential Mutual Fund (various schemes) received 10,32,258 shares, or 13.33% of the issue on a PAN-clubbed basis. Mirae Asset Mutual Fund (various schemes) was allotted 6,45,161 shares, representing 8.33%.
| Fund House | % Of QIP |
|---|---|
| Axis MF (Various Schemes) | 13.33 |
| Canara Robeco MF (Various Schemes) | 13.33 |
| ICICI Pru MF (Various Schemes) | 13.33 |
| Mirae Asset MF (Various Schemes) | 8.33 |
| Aditya Birla Sun Life MF (Various Schemes) | 5.83 |
| Societe Generale | 5.67 |
| Bandhan MF (Various Schemes) | 5 |
| Exchange Filing | |
Also read: Buy, Sell, Or Hold? RBL Bank shares fall 7% after Q2; Bulls cite strong growth, bears question valuations
Aditya Birla Sun Life Mutual Fund (various schemes) received 4,51,612 shares, or 5.83%, while Societe Generale – ODI was allotted 4,38,708 shares, representing 5.67%. Bandhan Mutual Fund (various schemes) received 3,87,096 shares, accounting for 5% of the issue.
TD Power Shareholding Pattern
TD Power's shareholding pattern as of September 30 shows that promoters held 27.16% of the company, while public shareholders held the remaining 72.84%.
Mutual funds were the largest institutional investor category, holding 25.67% of the company's equity, followed by foreign portfolio investors (FPIs) in Category I with 21.10%.
Among individual mutual fund schemes, Nippon India Small Cap Fund held 6.91%, Axis Focused Fund 4.15% and HSBC Midcap Fund 3.42%. Retail investors holding nominal share capital of up to ₹2 lakh accounted for 13.42% of the equity, while alternative investment funds held 1.69%.
Shares of TD Power are now trading 3.5% lower on Tuesday at ₹797.1, close to its intraday low of ₹795.1. The stock has risen 137% so far this year.
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