Shares of GMR Infrastructure and Jaiprakash Associates have declined more than 4% each after both these companies announced launch of qualified institutional placement (QIP) on July 2 to raise funds.
GMR Infrastructure has tanked 8.6% to Rs 31.15, while JP Associated dipped 4.4% at Rs 72.15 on National Stock Exchange.
GMR Infra is looking to raise around Rs 1,200 crore, set a floor price of Rs 33.14 per share for the QIP.
JP Associates said it is planning to raise up to $250 million (Rs 1,550 crore). The company has fixed floor price at Rs 73.96 per share for the QIP.
Both these company will use the proceeds of this QIP to reduce a part their debt.
GMR Infrastructure has tanked 8.6% to Rs 31.15, while JP Associated dipped 4.4% at Rs 72.15 on National Stock Exchange.
GMR Infra is looking to raise around Rs 1,200 crore, set a floor price of Rs 33.14 per share for the QIP.
JP Associates said it is planning to raise up to $250 million (Rs 1,550 crore). The company has fixed floor price at Rs 73.96 per share for the QIP.
Both these company will use the proceeds of this QIP to reduce a part their debt.