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Shares of Oberoi Realty Ltd dropped as much as 3.6 per cent to Rs 508, their lowest since June 11. The stock posted its biggest intraday percentage loss since May 15.
The company had said in a stock filing on Wednesday said that it has launched a qualified institutional placement to raise up to Rs 1,200 crore ($177 million) at a floor price of Rs 509.29. The floor price represents a 3.4 per cent discount to the pre-deal close of Rs 527.40.
JM Financial and Morgan Stanley are the bookrunners to the issue. Oberoi stock had risen nearly 10 per cent this year up to Wednesday's close.
Oberoi develops residential and commercial projects in Mumbai. The company had reported a profit-after-tax of Rs 460 crore in the financial year that ended on March 31, 2018, up from Rs 380 crore in 2017. Oberoi Realty shares weree up 6.3 per cent year to date.
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