Dilip Buildcon launches QIP issue

Dilip Buildcon launched its qualified institutional placement (QIP) of shares on 20 April 2021 at a floor price of Rs 568.41.

The floor price is at a 4.56% discount to Tuesday's closing price of Rs 595.55 per share.

The qualified institutions placement committee of the board of directors of the company is scheduled to meet on 26 April 2021, to consider and approve the issue price for the QIP issue. The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

In its draft placement document filed with the bourses, the company said that it intends to use the net proceeds for repayment or prepayment of all or a portion of our borrowings, general corporate purposes and any other matters as may be deemed appropriate by its board.

Dilip Buildcon is one of the leading full-service infrastructure company with construction capabilities in roads & bridges, mining, water sanitation, sewage and dams with a presence in over 19 states.

The company's consolidated net profit jumped 107.4% to Rs 181.91 crore on 7.1% increase in net sales to Rs 2,746.19 crore in Q3 FY21 over Q3 FY20.

The scrip rose 0.24% to currently trade at Rs 597 on the BSE.

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