Info Edge (India) firms up on launch of QIP issue

The floor price for the QIP issue has been set at Rs 766.89 per equity share

Info Edge (India) is trading nearly 2% higher at Rs 784 after the company's QIP Committee, on Thursday, approved and authorised the launch of Qualified Institutions Placement.

"The "relevant date" for the purpose of this QIP is September 4 and that accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed is Rs.766.89 per Equity Share (the "Floor Price"); and authorizing the Company to offer, at its discretion, a discount of up to 5% on the Floor Price to investors in the QIP," the company said in a release to the stock exchange.

The stock opened at Rs 770 and touched an intra-day high of Rs 795 so far. Nearly 18,000 shares were traded on both the stock exchanges so far.