GMR Infrastructure stock closed at Rs 31.15, down 7.70 percent and Jaiprakash Associates fell 4.64 percent to Rs 72 on the NSE.
GMR Infrastructure and Jaiprakash Associates saw huge selling pressure on Thursday after raising money through qualified institutional placement (QIP) issues at lower price compared to Wednesday's close. Both issues were opened for subscription on July 2.
GMR Infrastructure stock closed at Rs 31.15, down 7.70 percent and Jaiprakash Associates fell 4.64 percent to Rs 72 on the NSE.
Sources told CNBC-TV18 that GMR has raised USD 200 million at a price band of Rs 31.5 to Rs 32.4 and JP Associates garnered USD 250 million at a price band of Rs 70.3-74 apiece through QIP issues, which oversubscribed 1.5 times and 2 times, respectively.
GMR Infrastructure said it opened its QIP for subscription on July 2 and set the floor price at Rs 33.14 per equity share. "The board would consider offering a discount of not more than 5 percent to the floor price," it added.
The board members of GMR also approved a proposal to issue and allot upto 18 crore warrants entitling to 18 crore equity shares of Re 1 each under preferential allotment to promoter group entities. "The promoter group entities will be required to make payment of 25 percent of the subscription amount on the date of allotment of the warrants and the balance will be payable on or before 18 months from the date of allotment of the warrants, which is subject to shareholders' approval," it said, adding the price of warrants shall not be less than the QIP price.
According to the release, the company will use proceeds of QIP and preferential allotment for strengthening financial position and net worth by way of repayment of borrowings, capital expenditure, working capital and general corporate purposes.
Meanwhile, Jaiprakash Associates had set floor price of Rs 73.96 a share for its QIP worth USD 250 million (i.e. approximately Rs 1550 crore).
It will use issue proceeds for repayment/prepayment of loan facilities; investment in the subsidiaries and joint ventures, primarily in cement and fertiliser sectors; and general corporate purposes including working capital requirements.
Posted by Sunil Shankar Matkar
Anda sedang membaca artikel tentang
GMR Infra, JP Associates plunge 5-8%, raise money via QIPs
Dengan url
http://harmonisem.blogspot.com/2014/07/gmr-infra-jp-associates-plunge-5-8.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
GMR Infra, JP Associates plunge 5-8%, raise money via QIPs
namun jangan lupa untuk meletakkan link
GMR Infra, JP Associates plunge 5-8%, raise money via QIPs
sebagai sumbernya
0 komentar:
Posting Komentar