HFCL share price traded lower by over 4 percent intraday on December 10 as the company closed its qualified institutional placement (QIP) issue.
"We wish to inform that the Fund Raising Committee of Directors at its meeting approved the issue and allotment of 8,72,72,727 equity shares to 21 qualified institutional buyers at the issue price of Rs 68.75 per equity share (including a premium of Rs 67.75 per Equity Share), aggregating to Rs 600 crore (approx.), pursuant to the Issue," the company said in a filing with the exchange.
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The issue was opened on December 6 and was closed on December 9, it added.
According to media reports, Reliance Industries has increased its stake in the company to 5 percent by investing Rs 138 crore in the QIP. The Mukesh Ambani-led conglomerate, through its subsidiary Reliance Strategic Business Ventures, held 3.76 percent stake in the company as of September 30.
HFCL was trading at Rs 87.60, down Rs 4.75, or 5.14 percent, at 1:10pm. It touched an intraday high of Rs 93.70 and an intraday low of Rs 86.60.
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