Zen Technologies Launches QIP At Floor Price Of Rs 1,685.18 Apiece

Zen Technologies Ltd. launched a qualified institutional placement of equity shares on Wednesday at a floor price of Rs 1,685.18 per share, according to an exchange filing. The floor price is at a discount of 5.46% from the close.

At a meeting, the fund-raising committee approved a special resolution to raise funds through the QIP. Earlier, the approval was accorded by the board of directors on Jan. 27 and a special resolution was passed by members of the company by postal ballot on March 8, it said. "The company may offer a discount of not more than 5% on the floor price."

Shares of Zen Technologies were locked in an upper circuit of 5% at Rs 1,782.55 apiece at close on the NSE, compared to a 0.29% rise in the benchmark Nifty.