TD Power Systems (NSE: TDPS) closed its qualified institutional placement on Oct 12, pouring ₹599.99 crore into the firm by issuing 77.42 lakh shares at ₹775 apiece.
The issue price sat a mere 0.05% below the floor price of ₹775.35, giving investors a nominal discount of ₹0.35 per share. The allotment was approved by the firm’s Fund Raising Committee on Oct 7 and closed the next day.
Axis Mutual Fund, Canara Robeco, and ICICI Prudential each captured 10.32 lakh shares—13.33% of the issue—while Mirae Asset, Aditya Birla Sun Life, Societe Generale, and Bandhan also took stakes ranging from 8.33% to 5%.
Post‑allotment, paid‑up equity climbed from ₹31.37 crore to ₹32.14 crore. Promoters own 27.16% of the company, institutional investors hold 25.67%, and foreign portfolio investors account for 21.10%. Retail shareholders hold 13.42% of the equity.
Shares slipped 3.5% to ₹797.1 on the NSE, a 4% slide from the pre‑QIP close, and have risen 137% YTD, echoing a broader rally in power‑equipment stocks that has seen peers rise 12–15% this year.
The firm will report Q3 earnings on Nov 20, with analysts targeting a 15% margin and a 10% revenue uptick. The QIP could weigh on short‑term liquidity, but the 600‑crore infusion is expected to support expansion plans over the next 12 months.