Apar Industries Ltd. launched its qualified institutional placement on Thursday to raise up to Rs 1,000 crore.
The board authorised the opening of the issue and set the floor price at Rs 5,540.33 per share, at a discount of 2.5% from its previous close of Rs 5,683.9 apiece.
At its discretion, the company may offer a discount of not more than 5% on the floor price so calculated for the issue, it said in its exchange filing.
The issue price will be determined by the company in consultation with the lead managers appointed for the issue, as per an exchange filing on Sept. 28.
Shares of Apar Industries closed 1.94% higher at Rs 5,686 apiece before the announcement, compared with a 0.05% decline in the benchmark Nifty 50 on Thursday.
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