GPT Infraprojects Hits One-Month High After Company Launches QIP

Shares of GPT Infraprojects Ltd. jumped over a month high on Tuesday, a day after the company launched its QIP with a floor price of Rs 183.83 per equity share.

The company had on July 5 approved raising funds through a preferential allotment basis and/or a qualified institution placement for an amount not exceeding Rs 175 crore, an exchange filing said. It added that the board has also approved the constitution of the fund-raising committee of the directors for dealing with all matters pertaining to the proposed fund-raising.

"We further wish to inform you that the fund raising committee has fixed a 'relevant date’ for the purpose of the QIP ... as Aug. 26, 2024, and accordingly the floor price in respect of the QIP... is Rs 183.83 per equity share," the company said in the filing.

Shares of GPT Infraprojects rose as much as 3.75% to Rs 193.75 apiece, the highest level since July 15. It pared gains to trade 1.2% higher at Rs 188.99 apiece as of 9:44 a.m. This compares to a flat NSE Nifty 50 Index.

The stock has risen 12.73% on a year-to-date basis and fallen 0.3% in the last 12 months. The relative strength index was at 65.22.