BAJAJ BROKING

Notification
No new Notification messages
Inventurus Knowledge Solutions IPO is Open!
Apply for the Inventurus Knowledge Solutions IPO through UPI in just minutes.
Open a Free Demat Account
Pay ZERO maintenance charges for the first year, get free stock picks daily, and more.
Trade Now, Pay Later with up to 4x
Never miss a good trading opportunity due to low funds with our MTF feature.
Track Market Movers Instantly
Stay updated with real-time data. Get insights at your fingertips.

Patel Engineering Launches ₹500 Crore QIP at ₹59.50 per Share

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

Patel Engineering launches a qualified institutional placement (QIP) with a floor price of ₹59.50 per share, aiming to raise up to ₹500 crore. The company's board approved the QIP, allowing a potential discount of up to 5%. The Allotment committee is set to convene on April 25, 2024, to finalise the issue price for qualified institutional buyers.

Patel Engineering, a prominent infrastructure construction firm, has initiated a qualified institutional placement (QIP), unveiling a floor price of ₹59.50 per share. As per regulatory filings, Patel Engineering has the flexibility to offer a discount of up to 5% to the floor price, potentially attracting more institutional investors.

The decision to commence the QIP process was sanctioned by Patel Engineering's board during a meeting held on April 22. This move aligns with a prior resolution passed in March, giving a green light to plan to raise up to ₹500 crore through the QIP route.

Explore: Patel Engineering Ltd. Share Price

Patel Engineering disclosed that its Allotment committee is slated to meet on April 25 to finalise the issue price for Equity Shares allocated to qualified institutional buyers as part of the QIP.

Company’s Rationale Behind Launch of QIP

By opting for a QIP, Patel Engineering aims to strengthen its financial position, potentially funding expansion plans or addressing capital requirements for ongoing projects, ensuring sustained growth and competitiveness in the infrastructure sector.

The QIP avenue enables listed companies like Patel Engineering to raise capital from institutional investors by issuing securities such as shares or debentures, bypassing the need for a public offering.

Shareholding Pattern of Patel Engineering

Data from the shareholding pattern reveals that as of March 2024, the promoters of Patel Engineering held a significant 39.41% stake in the company, indicating their substantial interest and involvement.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

8 Lacs+ Users

icon-with-text

4.4+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4700+ Cr MTF Book

icon-with-text