Gravita India stated that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,206.49 per equity share.
The company's board authorized and declared the opening of the issue on Monday, 16 December 2024.
The floor price of Rs 2,206.49 is at a discount of 1.45% to the scrips previous closing price of Rs 2,239.05 on the BSE.
The company may offer a discount of not more than 5% on the floor price so calculated for the issue. The issue price will be determined in consultation with the book running lead manager appointed for the issue.
Gravita India said that it expects to use the net proceeds from the issue for repayment / pre-payment, in part or in full, of certain outstanding borrowings availed by the company and/or one of its subsidiaries; for funding working capital requirements of the company; and for general corporate purposes.
Gravita India is manufacturer of lead, lead alloys & lead products, aluminium alloys & plastic granules, offers turnkey solutions for recycling industry and consultancy.
Also Read
The scrip had gained 0.49% to end at Rs 2250.10 on the BSE today.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content