The Gokaldas Exports has been buzzing post the closure of their qualified institutional placement (QIP) on April 27th.

The company raised about Rs 70 crore through QIP and it plans to use it for expansion, said Sivaramkrishnan Ganapathi, MD of the company.

“We intend setting up new capacity, additional factories. We want to also modernize some of our existing factories as well,” he said.

He said that the promoter shareholding will drop to 33 percent post QIP issue.