Gravita India Limited has announced the commencement of its Qualified Institutional Placement (QIP) of equity shares, with a floor price set at ₹2,206.49 per share. The floor price has been determined based on SEBI’s pricing formula, as per Regulation 176(1) under the SEBI (ICDR) Regulations, 2018. The company may offer a discount of up to 5% on this price at its discretion.
The decision comes after the company secured approvals from its board on October 4, 2024, and shareholders through a special resolution on November 22, 2024. The Fund Raising Committee convened on December 16, 2024, to finalize and approve the preliminary placement document and authorize the opening of the QIP. This initiative aims to raise capital from eligible qualified institutional buyers under the regulatory framework.
The ‘Relevant Date’ for the issue has been fixed as December 16, 2024, to determine the floor price. Gravita’s strategic move aligns with its plans for further capital mobilization and business development initiatives .
