Agro chemical firm PI Industries on Wednesday said the company has fixed the issue price at Rs 1,470 per share, about 4 per cent lower than the floor rate, for sale of shares to institutional investors. The company in a regulatory filing informed that the qualified institutional placement (QIP) issue has been closed on Wednesday but did not mention the amount it has raised through the process.
The company's board and shareholders had earlier approved the proposal to raise up to Rs 2,000 crore through the QIP route.
In a regulatory filing, the company said the QIP committee at its meeting has approved the closure of the issue period for the issue on July 8.
"Determined and approved the issue price of Rs 1,470 per equity share (including a premium of Rs 1,469 per equity share), which is at a discount of 4.19 per cent (i. e., Rs. 64.24 per equity share) to the floor price of Rs 1,534.24 per equity share," it added.
The panel approved and adopted the placement document.
It also approved and finalised the confirmation of allocation note to be sent to the eligible qualified institutional buyers, intimating them of allocation of shares pursuant to the Issue.
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