GPT Infraprojects Limited on August 29 said its Fund Raising Committee approved the allocation of equity shares at a price of Rs 174.64 per share vi.a Qualified Institutional Placement (QIP)
The Kolkata-based infrastructure firm said this price includes a premium of Rs 164.64 per share, which reflects a discount of Rs 9.19 per share from the floor price of Rs 183.83, representing a 5% discount.
"...approved the allocation of Equity Shares at a price of ₹ 174.64 /- per Equity Share, including a premium of ₹ 164.64 /- per Equity Share, which takes into account a discount of ₹ 9.19/- per equity share (5% of the floor price) to the floor price of ₹ 183.83/-, as permitted in terms of Regulation 176(1) of Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended to the eligible qualified institutional buyers (“QIB”) in the Issue," the company said in its stock exchange filing.
GPT Infraprojects said the allocation will be made to eligible qualified institutional buyers (QIBs) participating in the QIP.
GPT Infraprojects also announced the closure of its Qualified Institutional Placement (QIP) issue period. The closure follows the receipt of application forms and funds in the escrow account from eligible qualified institutional buyers (QIBs) in accordance with the terms of the QIP.
GPT Infraprojects' fund raising committee approved the preliminary placement document dated August 26, 2024, and authorised the opening of the issue to eligible qualified institutional buyers.
A QIP is a fundraising mechanism used by companies to raise capital through the issue of equity shares or convertible securities to qualified institutional buyers (QIBs).
For the first quarter of FY25, GPT Infraprojects reported consolidated financials showing a positive trend. Its net sales increased by 2.47 percent on-year to Rs 241.73 crore compared to Rs 235.90 crore in the year-ago period.
The company's quarterly net profit saw a significant rise of 31.61 percent YoY, totaling Rs 16.03 crore, up from Rs 12.18 crore a year earlier.
On August 29, GPT Infraprojects shares settled at Rs 179.74 apiece on the NSE, which was down Rs 5.67 or 3.06 percent lower than the previous day's close.
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