Patel Engineering Sets Floor Price For Rs 400-Crore QIP
Patel Engineering has launched its qualified institutional placement on Monday to raise up to Rs 400 crore.
Construction company Patel Engineering Ltd. launched its qualified institutional placement on Monday to raise up to Rs 400 crore. The indicative price has been set at Rs 56.53 apiece, representing a discount of 10.06% to the last closing price. The floor price is Rs 59.5.
The issue includes over seven crore shares on offer, which includes a green shoe option of 1.76 crore shares, according to the term sheet accessed by NDTV Profit. The QIP will result in a dilution of up to 9% of pre-issue outstanding equity share capital.
Motilal Oswal Investment Advisors Ltd. is the sole book running lead manager of the deal.
Shares of Patel Engineering closed 6.36% higher at Rs 62.75 apiece ahead of the announcement, as compared with a 0.86% advance in the benchmark NSE Nifty 50.
