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KPI Green Energy Stock Slips Nearly 5% On Discounted QIP Price

The stock fell as much as 4.85% during the day to Rs 1,311 apiece on the NSE.

Pratiksha Thayil

(Source: KPI Green Energy website)

Shares of KPI Green Energy Ltd. fell nearly 5% on Tuesday as it launched a qualified institutional placement at a discounted price to raise up to Rs 300 crore.

The solar company's board has set the floor price for the issue at Rs 1,245 apiece, a discount of 9.64% from its previous close on the NSE, according to an exchange filing.

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KPI's stock fell as much as 4.85% during the day to Rs 1,311 apiece on the NSE. It was trading 3.51% lower at Rs 1,329.50 apiece compared to a 0.1% decline in the benchmark Nifty 50 at 11:09 a.m.

The share price has risen 204.47% on a year-to-date basis. The total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 65.

Also Read: Sun Pharma Shares Hit Life High On Plans To Acquire Stake In Lyndra Therapeutics

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Pratiksha Thayil
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