Max Estates Ltd. approved the floor price of Rs 628.74 per share for its upcoming qualified institutional placements as it looks to raise up to Rs 800 crore.
The residential and commercial projects company authorised the opening of the QIP issue on Thursday, it said in an exchange filing. It had considered and approved raising funds via public or private offerings, including a QIP, at a board meeting held on July 15.
The company also approved the preliminary placement document and the application form to be sent to eligible institutional buyers inviting bids and application amounts for the subscription.
The real estate development arm of Max Group said that it may at its discretion offer a discount of not more than 5% on the floor price. The trading window shall remain closed till 48 hours of the meeting for determination of the issue price.
Max Estates' stock has risen 141% during the last 12 months and has surged by 120% year-to-date.
Two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 9.2%.
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