Amber Enterprises rallies 9%, hits record high after launching QIP issue

The company's board has approved QIP issue at a floor price of Rs 1,798.72 per share.

Shares of Amber Enterprises India rallied 9 per cent to hit a record high of Rs 1,997 on the BSE on Tuesday after the company launched a qualified institutional placement (QIP) to raise up to Rs 500 crore for growth capital.

The company's board approved the QIP issue on September 7 at a floor price of Rs 1,798.72 per share. Amber Enterprises is a market leader in Indian room air conditioner (RAC) industry and air conditioning industry for mobile application such as railways, metros, buses etc.

In a draft placement document, Amber said it intends to raise funds