Leading cooling products maker Blue Star on Monday launched its qualified institutions placement (QIP) offer with a floor price of Rs 784.55 per equity share to raise Rs 1,000 crore to support its growth plans.
The floor price is 2.04 per cent lower than Rs 800, the price on which the scrips of Blue Star closed on BSE on Monday.
The Executive Management Committee at its meeting held on Monday considered and approved the issue's opening on September 18, 2023.
It also approved "the floor price for the Issue, being Rs 784.55 per Equity Share, based on the pricing formula, as prescribed under the SEBI ICDR Regulations".
The equity shares have a face value of Rs 2 each, according to a regulatory filing by the company.
Moreover, in accordance with the approval of the shareholders accorded through a special resolution on September 15, 2023, "the company may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the Issue", it added.
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A meeting of the Executive Management Committee of Blue Star is scheduled to be held on Friday to approve the "issue price of the equity shares" to be allotted to QIP buyers.
On August 3, Blue Star announced its plan to raise Rs 1,000 crore from the market to support its 'aspirational' growth plans.
"The proceeds from the aforesaid proposed fundraising are intended to be utilised for meeting funding requirements and growth objectives of the company and its businesses, including but not limited to funding expenditure for general corporate purposes, as well as to retire some debt," it had said.