1 hr ago
Aditya Infotech Shares Hit Upper Circuit After QIP Launch
Aditya Infotech, which operates CP Plus, is trying to raise ₹1,500 crore.
It is doing this through a qualified institutions placement, or QIP.
A QIP lets a company raise money from large institutional investors.
The company set the minimum offer price at ₹3,648.43 per share.
It may give investors a discount of up to 5% from that price.
The final issue price will be decided with the help of the appointed lead managers.
After the QIP was launched, Aditya Infotech shares rose sharply on Wednesday.
The shares reached an upper trading limit of ₹3,826.20 on BSE.
Aditya Infotech launched a ₹1,500 crore qualified institutions placement on Wednesday.
The company set the QIP floor price at ₹3,648.43 per equity share.
Aditya Infotech may offer institutional investors a discount of up to 5% on the floor price.
Shares rose close to 5% before reaching the upper circuit of ₹3,826.20 on BSE.
The stock had an intraday low of ₹3,689.65 and a market capitalization of ₹45,264.11 crore at 9:53 a.m.
- Who
- Aditya Infotech Limited, the operator of CP Plus.
- What
- The company launched a ₹1,500 crore qualified institutions placement and set its floor price.
- Where
- On BSE and in the Indian stock market.
- When
- Wednesday’s trading session; the stock reached the reported level at 9:53 a.m.
- Why
- To raise ₹1,500 crore through the QIP.
Key facts
- Fundraising method
- Qualified institutions placement (QIP)
- Fundraising target
- ₹1,500 crore
- QIP floor price
- ₹3,648.43 per equity share
- Maximum possible discount
- Not more than 5% below the floor price
- Upper-circuit price
- ₹3,826.20 per share
- Intraday low
- ₹3,689.65 per share
- Market capitalization
- ₹45,264.11 crore at 9:53 a.m.
Quotes
Aditya Infotech Limited
The company making the QIP announcement in its BSE filing
“The company may at its discretion offer a discount of not more than 5% on the floor price so calculated for the Issue. The issue price will be determined by the company in consultation with the lead managers appointed for the issue.”
livemint.com
Sources
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