Realty firm Prestige Estates Projects Ltd today recieved nod to launch its Qualified Institutional Placement (QIP) for dilution of promoters stake by 5 per cent and fixed the floor price at Rs 247.70 a share.
In a filing to the BSE, Bangalore-based company informed that the QIP Committee at its meeting held today passed the resolution to authorise the opening of the QIP on August 04, 2014.
The floor price is Rs 247.70 per share, which is lower than the today's closing price of Rs 249.65 a share on BSE.
At this price, the QIP issue will fetch about Rs 400 crore.
"A discount of up to 5 per cent on the floor price may be offered by the company to investors in the QIP, at its discretion," Prestige said.
On June 2 this year, Prestige had announced that the Board has approved to dilute 5 per cent of promoters' stake in the company through QIP.
