ACME Solar Holdings share price rose more than 3% on Tuesday, June 2, after the renewable energy company announced the launch of its Qualified Institutional Placement (QIP).
The company has fixed the floor price for the issue at ₹294.13 per share, representing a discount of about 4.16% to Tuesday’s closing price of ₹306.90 per share. ACME Solar also stated that it may, at its discretion, offer an additional discount of up to 5% on the floor price in accordance with regulatory norms.
The QIP launch is aimed at raising capital from institutional investors and comes as the company continues to expand its renewable energy portfolio.
Investor sentiment remained positive following the announcement, helping the stock outperform the broader market on Tuesday.
