Rategain Travel Technologies shares fall nearly 2% as company initiates QIP fundraising with floor price of Rs 676.66

Rategain Travel Technologies has unveiled plans for a qualified institutions placement (QIP), setting the floor price at Rs 676.66 per share. According to CNBC TV-18 sources, the company aims to generate Rs 600 crore through QIP, with an additional greenshoe option of Rs 200 crore, resulting in an 8% equity dilution.

To oversee this fundraising initiative, Axis Capital and IIFL Capital have been appointed to handle the matter.

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Earlier in the day, Rategain Travel closed at Rs 711.75 on the BSE, reflecting a five percent reduction in the floor price compared to the previous day’s closing price.

In an exchange announcement, Rategain mentioned, ‘A discount of no more than 5% on the floor price thus determined for the issuance may be provided by the firm. The issue price will be determined by the company in consultation with the Book Running Lead Managers appointed in relation to the issue.’

As of 12:50 pm, Rategain Travel Technologies shares were trading 1.53% lower at ₹701.00, amid the ongoing QIP process.