ideaForge to raise 500Cr via QIP at ₹795, shares fall
Business
Drone maker ideaForge is raising ₹500 crore through a qualified institutional placement (QIP), setting an indicative issue price of ₹795, about 5.4% less than its July 7 NSE closing.
The money will help pay off debt, fund new products, and cover daily business needs.
After the news, shares dipped 1.69% to close at ₹840.
ideaForge posts 60Cr March quarter profit
Most of ideaForge's recent profits came from strong defense orders, turning last year's loss into a ₹60 crore profit this March quarter.
The QIP floor price was set by a standard formula after shareholder approval on July 4.
Brokerage IIFL is feeling optimistic, upgrading the stock to "Buy" and hiking its target price from ₹271 to ₹1,187, a big vote of confidence for the company's future.