On Thursday, Apar Industries Ltd, a metallurgical and chemical engineering firm, initiated a Qualified Institutional Placement (QIP) with an issuance size of ₹1,000 crore, according to sources familiar with the developments as reported by CNBC-TV18.
The indicative price for the QIP has been fixed at ₹5,264 per share, presenting a 7.4% discount to the closing market price, which currently stands at ₹5,682.65 per share, as per insider information shared with CNBC-TV18. In comparison, the SEBI floor price is ₹5,540.22 per share, disclosed by sources with knowledge of the matter. Additionally, in an effort to enhance the attractiveness of the offering, Apar Industries is offering the indicative price at a 5% discount to the SEBI floor price, as mentioned by sources close to the development.
As of Friday, the company’s shares were trading 1.46% lower at ₹5,599.90 on the NSE.
