Ashoka Buildcon to issue shares to institutional investors

Ashoka Buildcon Ltd today said it will issue shares at a floor price of Rs 185.05 apiece to institutional investors.

"... The floor price in respect of the issue, based on the pricing formula... Is Rs 185.05 per equity share of the company," Ashoka Buildcon Ltd said in a regulatory filing.

"... The QIP (Qualified institutional placement) Committee of the Board of Directors of the company... Has decided to open the issue on April 13," it said, adding that the company may offer a discount of maximum "five per cent from the SEBI floor price."

Last year, the company's shareholders had approved raising of up to Rs 850 crore through issue of shares to Qualified Institutional Buyers.