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DCX Systems secures a ₹1,250 crore contract from Larsen & Toubro for electronic modules, to be fulfilled in three years, as announced on July 1. Earlier this year, DCX Systems raised ₹500 crore via a QIP issue.
On Monday, July 1, DCX Systems, a leading manufacturer of cables and wire harness assemblies, disclosed a substantial contract win from Larsen & Toubro Ltd (L&T), one of India's largest conglomerates.
DCX Systems confirmed in a filing to the stock exchange that it has received a purchase order valued at ₹1,250 crore, excluding applicable taxes, from L&T. The contract involves the manufacturing and supply of electronic modules. The company is mandated to complete the project within a strict three-year timeline.
Explore:Dcx Systems Limited Share Price
Earlier this year, in January, DCX Systems successfully raised ₹500 crore through a Qualified Institutional Placement (QIP). This involved issuing 1.46 crore shares to 43 qualified institutional buyers (QIBs) at a discounted price of ₹341 per share, which was 4.83% lower than the floor price of ₹358.30 per share.
The QIP issuance period ran from January 15 to January 19, aiming to raise equity capital up to ₹500 crore. Notable investors participating in the QIP included BoFa Securities, HDFC Mutual Fund, Bandhan, SBI General Insurance, and Copthall Mauritius Investment, with some acquiring more than 5% of the equity offering.
The QIP issuance resulted in an equity dilution of 9.1% based on the base deal size and 15.1% considering the upsized deal size. As of the December shareholding pattern, promoters of DCX Systems currently maintain a 71% stake in the company.
DCX Systems continues to strengthen its market position through strategic contracts and financial manoeuvres, leveraging its expertise in electronic modules and wire harness assemblies.
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