Shree Cement rose 1.59% to Rs 20,341 after the company on Tuesday opened its qualified institutional placement (QIP) offer and fixed the floor price at Rs 19,806.46 per share.
The decision was taken at the company's board meeting held on Tuesday, 19 November 2019.In a separate announcement, the cement maker said that a meeting of the QIP committee is scheduled to be held on 22 November 2019 consider and approve the issue price, including a discount, for the equity shares to be allotted to qualified institutional buyers, pursuant to the QIP. The announcement were made post trading hours yesterday, 19 November 2019.
The company's consolidated net profit surged 414.4% to Rs 310.62 crore on a 5.2% increase in net sales to Rs 3004.45 crore in Q2 September 2019 over Q2 September 2018.
Shree Cement is primarily an Indian cement manufacturer. It also produces and sells power under the name Shree Power and Shree Mega Power.
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