Shyam Metalics and Energy (SMEL) announced the successful completion of its fund raise of Rs 1,385 crore through a Qualified Institutional Placement (QIP) against the total bid amount received Rs. 4055 crore representing 3.5 times the fund received.

The QIP Committee at its meeting approved the issue allotment of 24,051,165 equity shares of face value of Rs 10 each to 38 Qualified Institutional Buyers (QIBs) at an issue price of Rs 576 per equity share (including a premium of Rs 566 per Equity Share). The allotment of equity shares under the Issue sees several renowned institutional investors garnering a significant portion of the Issue.