Construction company Patel Engineering Ltd. launched its qualified institutional placement on Monday to raise up to Rs 400 crore. The indicative price has been set at Rs 56.53 apiece, representing a discount of 10.06% to the last closing price. The floor price is Rs 59.5.
The issue includes over seven crore shares on offer, which includes a green shoe option of 1.76 crore shares, according to the term sheet accessed by NDTV Profit. The QIP will result in a dilution of up to 9% of pre-issue outstanding equity share capital.
Motilal Oswal Investment Advisors Ltd. is the sole book running lead manager of the deal.
Shares of Patel Engineering closed 6.36% higher at Rs 62.75 apiece ahead of the announcement, as compared with a 0.86% advance in the benchmark NSE Nifty 50.
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