Gulshan Polyols share price was locked in 5 percent upper circuit on March 22 after the company launched qualified institutional placement (QIP) issue for fund raising. The stock closed at Rs 387.25 on the BSE.
The company's board has approved the preliminary placement document and authorised the opening of the QIP issue on March 21, 2022, the firm said in its BSE filing.
The floor price for the offer has been fixed at Rs 343.661 per share.
The company says it may offer a discount of up to 5 percent on the floor price.
"The board of directors will meet on March 24 to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers including any discount on the floor price," says Gulshan Polyols.
In August last year, the company had approved a proposal of raising of funds up to Rs 250 crore via QIP.
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