Patel Engineering on April 22 said it launched a qualified institutional placement (QIP), and set a floor price for the QIP at Rs 59.50 per share.
The company’s board authorised the opening of the issue on April 22.
The company in a board meeting in March had approved the resolution to raise not more than Rs 500 crore through the QIP route.
The company can offer a discount of upto five percent to the floor price.
Furthermore, Patel Engineering informed that the Allotment committee will meet on April 25 to “consider and determine the issue price for the Equity Shares to be allotted to qualified institutional buyers pursuant to the Issue”, the company said in its regulatory filing.
A listed company can raise funds from institutional investors by issuing securities like shares or debentures without making a public offering through the QIP.
As per the shareholding pattern, the promoters of the company held 39.41 percent stake in the company til March 2024.
Shares of Patel Engineering had advanced 6.36 percent to Rs 62.75 on NSE.
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