Shares of Prestige Estates Projects Ltd. gained nearly 7% on Friday after it launched qualified institutional placement. The floor price of the QIP issue is set at Rs 1,755.09 per equity share, it said in an exchange filing on Thursday.
The issue price is at 1.71% premium from Thursday's closing price. Prestige Estates Projects will offer a discount not more than 5% on the floor price, the exchange filing said.
Late July, Prestige Estates Projects informed the exchanges that it has secured approval of share holders to raise funds via public and private offerings, including qualified institutional placement to eligible investors, by issuance of eligible securities for amounts not exceeding 500 crore shares.
As of June 30, the company has 40.08 crore shares outstanding, out of which promoters own 65.48% and the rest is owned by the public.
Shares of Prestige Estates rose 6.92% to Rs 1,845.00, the highest level Aug. 19. It was trading 4.63% higher at Rs 1,805.50 as of 12:49 p.m., compared to 0.33% advance in the NSE Nifty 50 index.
The stock gained 194.51% in last 12 months and 52.79% on year to date basis. Total traded volume so far in the day stood at 7.3 times its 30-day average. The relative strength index was at 54.58.
Out of 19 analysts tracking the company, 16 maintain a 'buy' rating and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.6%
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