PSP Projects share gains 4% on launching Rs 244-crore QIP

PSP Projects has set a floor price of Rs 682.59 a share for for the QIP but may offer a discount of up to 5 percent

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Shares of PSP Projects rose around 4 percent in the opening trade on April 23 after the company launched a qualified institutions placement (QIP) in a bid to raise Rs 244 crore.

At 9.45 am, PSP Projects was trading at Rs 714 on the NSE.

The company has fixed a floor price Rs 682.59 per share, though it may offer a discount of up to 5 percent to investors. The indicative issue price for the QIP is Rs 670.

The floor price is the minimum price at which a company can offer its shares in a QIP. It is determined based on regulatory guidelines and is set in place to ensure that the company does not undervalue its shares.

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The indicative price, however, is the price at which the company intends to offer its shares during QIP. It is an initial estimate to give potential investors an idea of the likely pricing of the offering.

PSP Projects board gave the go-ahead to QIP on February 9 and shareholders’ approval, through a postal ballot, came in on April 4. PSP’s fund-raising committee met on April 22 and approved the opening of the issue, the floor price, and the preliminary placement document.

The company is yet to reveal how it plans to use the proceeds from the fund raise.

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