Power Mech Projects Ltd. set the floor price of Rs 4,085.44 for its Rs 350 crore qualified institutional placement, which opened on Oct. 18.
The board of directors approved the floor price based on the pricing formula as prescribed under the SEBI Issue of Capital and Disclosure Requirement Regulation, it said in its exchange filing on Wednesday.
On Aug. 25, the board had announced that the company will be raising a sum of Rs 350 crore through one or more public issues, preferential issues or private placement, including one or more tranches through qualified institutions placements.
The board authorised opening of the issue on Oct. 18, and closing it on Oct. 23, the statement said.
The floor price of Rs 4,085.44 per share is at a premium of 1.44% to the stock's previous close of Rs 4,027.15 apiece on the BSE.
Shares of Power Mech Projects closed 0.49% higher at Rs 4,030 apiece before the announcement, as compared with a 0.71% decline in the benchmark Nifty 50 on Wednesday.
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