Goodluck India raises Rs 200 Crore through QIP for Expansion; Establishes Defense and Aerospace Subsidiary

Steel products manufacturer Goodluck India Ltd announced on Thursday that it has successfully raised approximately Rs 200 crore through the issuance of equity shares on a Qualified Institutional Placement (QIP) basis. The company’s board approved the issuance and allotment of 21,27,659 equity shares to Qualified Institutional Buyers (QIBs) at an issue price of Rs 940 per share, along with a premium of Rs 938 per share.

Goodluck India expressed satisfaction with the outcome of the QIP round, stating that the funds raised align well with the company’s growth strategy. MC Garg, Chairman of Goodluck India, emphasized the importance of this fundraising round in supporting the company’s expansion plans.

In conjunction with the capital infusion, Goodluck India also introduced a wholly-owned subsidiary named Goodluck Defense and Aerospace Private Limited. This new entity is poised to address the extensive needs of the defense and aerospace industries.

Goodluck India specializes in manufacturing a diverse range of products, including engineered steel structures, precision/auto tubes, forgings for defense and aerospace, CR (cold-rolled) products, and GI (galvanized iron) pipes. These products find applications in various industries such as automobile manufacturing, infrastructure, engineering, oil and gas, among others.