Blue Star Limited raises Rs 1,000cr in landmark QIP deal

Blue Star Limited, a manufacturer of air conditioners, air purifiers, and water coolers, has achieved a significant financial milestone by successfully completing a fundraise of Rs 1,000 crores through its inaugural Qualified Institutional Placement (QIP) of equity shares. This historic QIP transaction has garnered robust interest from prestigious foreign portfolio investors, sovereign wealth funds, and top domestic institutional investors, reaffirming Blue Star’s market position.

The QIP witnessed enthusiastic participation from global heavyweights such as Norges, Fidelity, ADIA, Goldman Sachs, and more, underlining the company’s appeal to international investors. Notably, steadfast faith in Blue Star’s management and prospects was demonstrated by existing investors, including First State and HSBC Global. Furthermore, leading domestic players like SBI MF, Kotak MF, HDFC MF, Nippon MF, Aditya Birla MF, and insurance giants like SBI Life, HDFC Life, and ICICI Pru Life also seized the opportunity to invest, in some cases augmenting their existing positions.

Vir S Advani, Vice Chairman & Managing Director of Blue Star Limited, expressed his gratitude for the overwhelming response to the company’s first-ever QIP. He stated, “As part of our growth strategy, the company is poised to make substantial investments in expanding manufacturing capacity, innovating new products, embarking on digitalization initiatives, and enhancing our capabilities. The infusion of equity funds will play a pivotal role in accelerating these plans. We are deeply honored and thankful for the unwavering support and trust our investors have placed in us. We remain steadfast in our commitment to creating enduring value for our stakeholders.”

Blue Star’s successful QIP marks a significant milestone in its journey, setting the stage for continued growth and innovation. Stay tuned for updates as the company advances its strategic initiatives and fulfills its commitment to stakeholders.