Sundaram-Clayton Limited (SUNCLAY) has announced the launch of its Qualified Institutions Placement (QIP) issue, setting a floor price of ₹2,320.78 per share. Following the announcement, the stock saw a 5% rise, reflecting positive investor sentiment.
The company’s board approved the decision, which follows a special resolution passed by shareholders in August 2024. The floor price was determined according to SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations.
Under these regulations and the approved resolution, Sundaram-Clayton may offer up to a 5% discount on the floor price to investors. The final issue price for the QIP will be decided in consultation with the Book Running Lead Manager. To initiate the process, the company has filed the Preliminary Placement Document.
The QIP launch is a strategic move to raise capital and expand the company’s financial standing, as it navigates growth opportunities and market demands. The stock’s upward movement indicates a strong response from market participants.
