Jupiter Wagons shares drop 3% after QIP announcement

By Aditya Bhagchandani Published on July 9, 2024, 11:22 IST

Shares of Jupiter Wagons fell nearly 3 percent in early trade on July 9. This came a day after the company announced that its Fund Raising Committee had approved the launch of a qualified institutional placement (QIP). The floor price was set at Rs 689.47 per equity share.

By 11:00 AM, the shares were trading 3.28% lower at ₹699.95 on the NSE.

Jupiter Wagons explained that the Fund Raising Committee fixed July 8, 2024, as the ‘Relevant Date’ for the issue. The floor price was determined based on the pricing formula under SEBI regulations. The preliminary placement document was filed with BSE and NSE on July 8, 2024. According to SEBI regulations, Jupiter Wagons may offer up to a 5 percent discount on the floor price for the issue.

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.