Shyam Metalics Launches QIP To Raise Rs 3,600 Crore

Shyam Metalics and Energy Ltd. has launched its qualified institutional placement to raise up to Rs 3,600 crore.

The company's board has set the floor price for the issue at Rs 597.63 apiece, a discount of 7.06% from its previous close on the NSE.

The fundraising proposal was approved by the board of directors of the company on July 27, 2023, and later passed in the annual general meeting dated Sept. 21, 2023, according to the exchange filing issued on Tuesday.

The company informed that it may, at its discretion, offer a discount of not more than 5% on the floor price.