Adani Group's Cemindia Projects launches QIP to sell 90.3L shares
Business
Adani Group's Cemindia Projects just kicked off a big fundraising move: it is launching a qualified institutional placement (QIP) to raise capital from institutional investors.
Basically, it is offering up to 90.3 lakh shares at a floor price of ₹1,158.58 each, hoping to get major investors on board and possibly increase the issue size if there's enough demand.
Indicative price ₹1,108, shares up
The shares are being offered at an indicative price of ₹1,108, a nearly 4% discount from the last closing price, which follows SEBI rules for such deals.
After the news broke, Cemindia's stock nudged up by almost 1% on the NSE.
This move should give Cemindia more financial muscle for big infrastructure projects like ports and transport hubs, areas where it already has solid experience.