Shree Cement launches Rs 3,000-cr QIP, fixes price at Rs 19,806 a share

Promoters currently hold 64.79 per cent in the company, while foreign portfolio investors have an 11.88 per cent stake.

Shree Cement on Tuesday opened its Rs 3,000-crore qualified institutional placement (QIP) offer, fixing the floor price at Rs 19,806.46 per share. 

The company, however, may offer discounts on the floor price in accordance to the decisions of the QIP committee it has formed. A decision on the same is likely to be taken on Friday.

“The proceeds from the QIP will be used for all corporate purposes. We have taken approval for a maximum amount of Rs 3,000 crore; it is a dynamic world and the need for funds change,” H M Bangur, managing director at Shree Cement said.

However, Bangur did