Sundaram-Clayton issues QIP with floor price of ₹2,320.78 per share

Sundaram-Clayton Limited has launched its Qualified Institutions Placement (QIP) issue, setting the floor price at ₹2,320.78 per share.

The decision was approved by the company’s board and follows a special resolution passed by the shareholders in August 2024. The floor price has been determined based on the formula prescribed under SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations.

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The company has also stated that, as per SEBI ICDR regulations and the shareholders’ approval, it may offer a discount of up to 5% on the floor price. The final issue price will be determined in consultation with the Book Running Lead Manager. The company has already filed the Preliminary Placement Document as part of the QIP process.