Jupiter Wagons Ltd. has launched its qualified institutional placement to raise up to Rs 700 crore.
The board authorised the opening of the issue and set the floor price at Rs 331.34 per share, at a discount of 2.34% from its previous close of Rs 339.30 apiece on the NSE.
The board approved raising funds up to an amount aggregating to Rs 700 crore on Sept. 4, according to an exchange filing.
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 on Wednesday.
A meeting is scheduled for Dec. 4 to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers, it said.
Shares of Jupiter Wagons closed 1.82% higher at Rs 339.15 apiece on the NSE, as compared with a 1.04% advance in the benchmark Nifty 50.
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