Apar Industries Closes QIP, Allots Nearly 19 Lakh Shares

Apar Industries Ltd. has closed its qualified institutional placement to raise up to Rs 1,000 crore on Wednesday.

The share issue committee of directors of the company approved the allocation of 18.9 lakh shares to qualified institutional buyers at a price of Rs 5,264 per share—a discount of 4.99% to the floor price of Rs 5,540.33 apiece.

The board had authorised the opening of the issue on Nov. 23, with a set floor price of Rs 5,540.33 per share, which is at a discount of 2.5% from its previous close—with the provision to offer a discount of not more than 5%.

Shares of the company closed 0.25% higher at Rs 5,462.8 apiece, as compared with a 1.04% advance in the NSE Nifty 50.