Business Standard

Patel Engineering launches QIP issue with floor price of Rs 59.50 per share

The company in a board meeting in February had approved the resolution to raise funds through issuance of equity shares to qualified institutional buyers

Real Estate, Realty sector, Construction, Realty

Mumbai-based Patel Engineering is an engineering, procurement, and construction (EPC) firm with a strong presence in tunnels and underground works for hydroelectric and dam projects.

Press Trust of India New Delhi

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Construction company Patel Engineering Ltd has launched a qualified institutional placement (QIP) issue and has set a floor price of Rs 59.50 per share.
In a regulatory filing the company said the allotment committee of the board at its meeting held on April 22, authorised the opening of issue and considered and took on record floor price of Rs 59.50 per equity share.
The company in a board meeting in February had approved the resolution to raise funds through issuance of equity shares to qualified institutional buyers.
The proposal received shareholders approval on March 8, 2024.
Further, a meeting of the allotment committee is scheduled to be held on April 25, 2024, to, inter alia, consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers pursuant to the issue.
Mumbai-based Patel Engineering is an engineering, procurement, and construction (EPC) firm with a strong presence in tunnels and underground works for hydroelectric and dam projects.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Apr 23 2024 | 5:37 PM IST

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