KEC International Ltd., a global infrastructure Engineering, Procurement and Construction (EPC) major, has announced the launch of a Qualified Institutions Placement (QIP) of its equity shares. The move follows the approval of the company’s Board of Directors and a special resolution passed by its shareholders at the annual general meeting on August 22, 2024.
The QIP, which opened on September 24, 2024, has set a floor price of ₹976.64 per equity share, based on the pricing formula prescribed under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The Committee of Directors also approved and adopted the preliminary placement document and the application form related to the QIP.
KEC International has filed the preliminary placement document with BSE Limited and the National Stock Exchange of India Limited. The relevant date for determining the floor price was fixed as September 24, 2024, as per the SEBI ICDR Regulations.
In line with the shareholders’ approval, the company may offer a discount of up to 5% on the floor price for the QIP. The final issue price will be determined by KEC International in consultation with the book running lead managers appointed for the QIP.
