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.
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.
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.
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