Puravankara Projects dips on fixing floor price for share sale at discount
The company proposed to issue up to 21.57 million equity shares to institutional investors fixes floor price of Rs 80 per share.
Puravankara Projects has dipped 6% to Rs 89.75 after the realty firm has fixed the floor price for its proposed private placement issue at Rs 80 per share. The floor price is 17% discount to Tuesday’s closing price of Rs 95.95 on BSE.
The stock opened at Rs 90 and hit a low of Rs 87 so far. A combined around 112,500 shares changed hands on the counter so far on BSE and NSE.
The Bangalore-based real estate developer Puravankara Projects on Tuesday said it has fixed the floor price of Rs 80 per equity share for the proposed issuance of equity shares through the Institutional Placement Programme (IPP).
The company proposes to issue up to 21.57 million equity shares to institutional investors on Wednesday, May 23. It has fixed the price band of Rs 80 to Rs 85 per share.
The stock opened at Rs 90 and hit a low of Rs 87 so far. A combined around 112,500 shares changed hands on the counter so far on BSE and NSE.
The Bangalore-based real estate developer Puravankara Projects on Tuesday said it has fixed the floor price of Rs 80 per equity share for the proposed issuance of equity shares through the Institutional Placement Programme (IPP).
The company proposes to issue up to 21.57 million equity shares to institutional investors on Wednesday, May 23. It has fixed the price band of Rs 80 to Rs 85 per share.
In case of oversubscription, the company has a right to allot an additional up to 2.16 million shares to eligible qualified institutional buyers (QIB).
The company is launching the IPP to meet market regulator SEBI guidelines of minimum 25% public shareholding by June 30 for private sector listed companies. Currently, the promoters hold 89.96% stake in the company.