The board of Ami Organics on Friday, April 12 approved the fund raising plan for the company via the route of Qualified Institutions Placement (QIP), the company said in an exchange filing on Friday evening. The company’s board has approved fund raising of Rs 500 crore via the QIP route, details of which are still not disclosed.
“Board approved the proposal for raising of funds in one or more tranches by way of issuance of such number of equity shares having face value ₹ 10 each of the Company (“Equity Shares”) and/or other securities convertible into Equity Shares, fully convertible debentures, with or without warrants and/or preference shares or any security convertible into Equity Shares or any combination thereof (hereinafter referred to as “Securities”), for an aggregate amount not exceeding ₹ 5,000 million (Rupees five thousand million only) by way of qualified institutions placement (“QIP”),” the company said.
Shares of Ami Organics ended 4.2% lower at Rs 1,220.95 on the BSE on Friday.