DCX Systems bags ₹1,250 crore order from Larsen & Toubro for electronic modules
DCX Systems bags ₹1,250 crore order from Larsen & Toubro for electronic modules
DCX Systems, manufacturer of cables and wire harness assemblies, on Monday (July 1) said it has received a significant contract from Larsen & Toubro Ltd, India.
The purchase order, valued at ₹1,250 crore plus applicable taxes, involves the manufacture and supply of electronic modules. The company is tasked with executing the order within a three-year timeframe, it said.
"...we wish to inform that the company has received a contract/order for INR 1,250 Crore (INR One Thousand Two hundred fifty crores) plus Applicable Taxes from a reputed Indian conglomerate," the company said in a stock exchange filing.
In January this year, DCX Systems raised ₹500 crore by issuing 1.46 crore shares to 43 qualified institutional buyers (QIBs) at a price of ₹341 per share — a discount of 4.83% to the floor price of ₹358.30 apiece.
The issue had opened on January 15 and closed on January 19, and DCX Systems had targeted to raise up to ₹500 crore equity capital through this issue. BoFa Securities, HDFC Mutual Fund, Bandhan, SBI General Insurance, and Copthall Mauritius Investment are among the investors who have been allotted more than 5% of the equity offering in the QIP issue.
The QIP issue is expected to result in an equity dilution of 9.1% on the base deal size and 15.1% on the upsized deal size, sources told CNBC-TV18 earlier. Promoters of DCX Systems currently hold a 71% stake in the company as per the December shareholding pattern.
Shares of DCX Systems Ltd ended at ₹379.15, up by ₹17.80, or 4.93%, on the BSE.