Shankara Building Material launches fund raising drive - Feedback

An organized retailer of home improvement and building material, Shankara Building Products Ltd., has recently launched fund raising drive and appointed an investment bank to generate Rs. 300 crore through a qualified institutional placement (QIP), said sources, adding that the newest is the second initiative as in March 2017, Shankara had raised Rs.345 crore in an initial public offering, which was subscribed 41.6 times.

Promoted by first-generation entrepreneur and IIM-Ahmedabad alumnus Srinivas Sukumar, listed on stock exchanges in April 2017, its shares have risen over three times to close at Rs.1,533.4 a piece recently and that the company had sold its shares in the initial public offering at Rs.460 each. The company has appointed ICICI Securities to advise on the fund raising drive.

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