PSP intends to use QIP to generate Rs 244 crore, with a floor price of Rs 682.59 per share
In an effort to generate Rs 244 crore, PSP Projects has announced that its qualified institutions placement (QIP) would begin on Monday.
The business has decided to give investors a discount of up to 5% on the floor price, with a floor price of Rs 682.59 per equity share for the QIP.
Starting today, the QIP issue will be approved by the board on February 9 and by the shareholders by postal vote on April 4.
At its meeting on April 22, the PSP fundraising committee approved the issue’s release, the floor price, and the creation of the preliminary placement document.
According to a corporate statement, the QIP is applicable on April 22, 2024, in accordance with SEBI requirements. Today, the preliminary placement paperwork is scheduled to be submitted to the stock markets.
In order to raise around Rs 244 crore, the estimated offering price for the QIP is Rs 670 per share. On Monday, PSP Projects’ shares ended trading at Rs 695.70 on the BSE.
