11155 Investors following Patel Eng. Share this News with them.
0
Like this story, share it with millions of investors on M3
Patel Engg's QIP book may open today: Sources
Patel Engineering’s qualified institutional placement (QIP) book is likely to open today, reports CNBC-TV18 quoting sources. According to sources, the QIP size is at USD 100 million and the QIP floor price is at Rs 477. It is believed that Antique is the bookrunner for Patel Engineering’s QIP issue.
Patel Engineering 's qualified institutional placement (QIP) book is likely to open today, reports CNBC-TV18 quoting sources.
According to sources, the QIP size is at USD 100 million and the QIP floor price is at Rs 477 per share.
It is believed that Antique Stock Broking is the bookrunner for Patel Engineering's QIP issue.
Here is a verbatim transcript of Reema Tendulkar's comments on CNBC-TV18. Also watch the accompanying video.
A lot of companies are coming in for QIP and the latest to join the band wagon, as we understand, is Patel Engineering. Sources said that the company is likely to do the QIP issue today. The deal size as we pick up is USD 100 million, that is about Rs 460 crore. The floor price is about Rs 477, which is pretty close to the current market price. Of course we also understand that it may just happen around Rs 487 mark. The total issue would be about for 96.4 lakh shares and this would result in a post equity dilution of about 13.9%. Also, the shares are likely to hit the market around November 3. The book runners to the issue include Antique, Kotak, Daiwa and Nomura. Patel Engineering had an enabling resolution for USD 500 million and currently they are looking to raise about USD 100 million.
Patel Engineering
