The board has approved the launch of its QIP issue at a slight discount tothe current market price.
Shares of Anant Raj fell 4.6% on Wednesday, after the company approved the opening of its Qualified Institutions Placement (QIP) issue.
The company’s Finance and Investment Committee, in a meeting held on October 7, authorised the opening of the QIP issue and approved a floor price of ₹695.83 per equity share, a 1.6% discount to the current share price. The company also adopted the Preliminary Placement Document and application form related to the issue.
The real-estate developer may also offer a permitted discount of up to 5% on the determined floor price.
The QIP aims to raise funds for general corporate purposes, strengthening the company’s balance sheet and supporting ongoing growth initiatives.
On Tuesday, Anant Raj’s shares closed 4.34% higher at ₹735.60. It had gained in seven of the last nine sessions.
What Is The Retail Mood?
Retail sentiment on Stocktwits for Anant Raj shifted to ‘bearish’. It was ‘neutral’ last week.
Over the last three months, the stock gained over 30%.
The company reported robust first-quarter numbers, with consolidated net profit rising 38.33% to ₹125.88 crore, while net sales increased 25.56% to ₹592.41 crore.
Year-to-date, Anant Raj shares have shed 17%.
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