PSP Projects has announced the commencement of its qualified institutions placement (QIP) to raise Rs 244 crore on Monday.
The company has set the floor price for the QIP at Rs 682.59 per equity share, with a provision to offer a discount of up to 5% on the floor price to investors.
This QIP issue, which begins today, follows the approval by the board on February 9 and the shareholders’ approval through a postal ballot on April 4.
PSP’s fundraising committee convened on April 22 and greenlit the launch of the issue, the determination of the floor price, and the preparation of the preliminary placement document.
A statement from the company mentioned that April 22, 2024, is the relevant date for the QIP as per SEBI regulations. The preliminary placement document will be filed with the stock exchanges today.
The indicative issue price for the QIP is Rs 670 per share, aiming to raise approximately Rs 244 crore. PSP Projects’ shares concluded trading at Rs 695.70 on the BSE on Monday.