GPT Infra gains on launching QIP; floor price at Rs 183.83 /share

GPT Infraprojects added 3.21% to Rs 189.70 after the company informed that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 183.83 per share.

The company's board authorized and declared the opening of the issue on Monday, 26 August 2024.

The floor price of Rs 183.83 is almost similar to the previous day's closing price of Rs 183.80 on the BSE.

The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.

GPT Infraprojects is the flagship company of GPT Group and is a premier infrastructure company based out of Kolkata. The company operates through two business divisions infrastructure and sleepers. The company is engaged in the execution of civil and infrastructure projects, especially large bridges and ROBs for Railways. In sleepers, the company manufactures and supplies concrete sleeper for Railways in India and Africa.

The companys consolidated net profit increased 26.8% to Rs 16.79 crore on 2.5% rise in revenue from operations to Rs 241.73 crore in Q1 FY25 over Q1 FY24.

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