Gravita India’s stock surged 3% following the approval of its Qualified Institutional Placement (QIP). The company set the floor price for the QIP at Rs 2,206.49 per share, reflecting a 1.4% discount to Monday’s closing price of Rs 2,239.05.
In the exchange filing, the company shared, “We further wish to inform you that the Fund Raising Committee has fixed the ‘Relevant Date’ for the purpose of the QIP, in terms of Regulation 171 of the SEBI ICDR Regulations as December 16, 2024, and accordingly the floor price in respect of the QIP, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 2,206.49 per equity share.”
As of 9:56 am, Gravita India shares were trading 3.45% higher at Rs 2,310.00 on the NSE.
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