Fortis Healthcare has dipped 5.5% to Rs 96 on back of heavy volumes after fresh shares allotted to qualified institutional bidders (QIB) starts trading today.
The stock opened at Rs 100 and hit a low of Rs 94 on BSE. A combined 4.52 million shares representing 1.1% of total equity capital of the company have changed hands on the counter so far compared an average 250,000 shares that were traded daily in past two weeks on BSE and NSE.
A fresh 34.99 million equity shares allotted to QIBs pursuant to institutional placement programme are listed and admitted for trading on the exchange with effect from today.The company has allotted these shares at price of Rs 92 per share.
The company operates chain of hospitals in India has raised Rs 322 crore through sale of nearly 35 million shares to institutional investors.
The placement of shares to Qualified Institutional Buyers is to meet market regulator Sebi's minimum public shareholding norms for listed companies.
According to the company, the proceeds would be utilised for repaying debt, funding expenses and general corporate purposes.
The stock opened at Rs 100 and hit a low of Rs 94 on BSE. A combined 4.52 million shares representing 1.1% of total equity capital of the company have changed hands on the counter so far compared an average 250,000 shares that were traded daily in past two weeks on BSE and NSE.
A fresh 34.99 million equity shares allotted to QIBs pursuant to institutional placement programme are listed and admitted for trading on the exchange with effect from today.The company has allotted these shares at price of Rs 92 per share.
The company operates chain of hospitals in India has raised Rs 322 crore through sale of nearly 35 million shares to institutional investors.
The placement of shares to Qualified Institutional Buyers is to meet market regulator Sebi's minimum public shareholding norms for listed companies.
According to the company, the proceeds would be utilised for repaying debt, funding expenses and general corporate purposes.
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