Belrise Industries share price gained nearly 3% in early trade on Wednesday after the company announced the launch of its Qualified Institutional Placement (QIP) to raise up to ₹1,200 crore. Belrise Industries shares rose as much as 2.94% to ₹239.15 apiece on the BSE.
The QIP Committee of the board of directors of the company on July 14 authorized the opening of the issue to eligible qualified institutional buyers with a floor price of ₹230.79 per share.
The company may offer a discount of not more than 5% on the floor price for the QIP, Belrise Industries said in a regulatory filing on July 14. It also has an option to upsize the deal later if required.
The company’s shareholders had approved to raise up to ₹2,000 crore via the QIP route on July 2, following a board meeting in May which had approved the fund raise.
Belrise Industries QIP could result in an equity dilution of up to 5.78% of the company’s post-issue equity share capital, reports said.
The Pune-based company manufactures automotive components and safety-critical systems for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles.
Belrise Industries Share Price Performance
Belrise Industries share price has risen 13% in three months and has gained 36% in six months. The stock has rallied 27% on a year-to-date (YTD) basis, and has jumped 97% in one year.
At 9:55 AM, Belrise Industries share price was trading 0.80% higher at ₹234.15 apiece on the BSE.
