Gayatri Projects Ltd has announced the norms for the launch of Qualified Institutional Placement (QIP) offer at a floor price of Rs 120.18/ share of Rs 10 each.
In a statement to the BSE, the company has informed the about the approval the Issue and Allotment Committee of the company has given for the launch of a QIP Offering.
The company management has been authorised to launch the offering of equity shares to qualified institutional buyers as per the Securities and Exchange Board of India Regulations.
The committee has been authorised to decide on the floor price and relevant date.
Accordingly, the floor price for QIP Offering, based on the pricing formula. The committee has also approved Preliminary Placement Document for the QIP Offering.
On Friday, the shares of Hyderabad-based construction and infrastructure company, which is into development of roads and power projects, closed at Rs 125, down 0.52 per cent, on the BSE.