QIP opens; floor price fixed at ₹ 1,161.85 per equity share
The Fund Raising Committee approved a floor price of ₹ 1,161.85 per equity share (face value ₹ 1 each) for the proposed qualified institutions placement.
By ScoutQuest · · 2 min read
- Floor Price
- ₹ 1,161.85 per equity share (face value ₹ 1 each)
- Issue Opening Date
- November 11, 2026
- Permitted Discount
- not more than 5% on the floor price
This update sets the price marker for the company's planned sale of new shares to large institutional investors.
What the committee approved
- Approved a floor price of ₹ 1,161.85 per equity share of face value ₹ 1 each for the issue.
- Approved and adopted the preliminary placement document dated November 11, 2026, along with the application form, to be sent to eligible qualified institutional buyers for inviting bids and collecting application amounts.
- Authorised the opening of the issue on November 11, 2026.
How the price was arrived at
- The floor price is based on the pricing formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations.
- The relevant date for fixing the floor price was November 11, 2026, the date of the committee meeting in which it decided to open the issue.
- Shareholders, through a special resolution passed on October 21, 2026, approved a discount of not more than 5% on the floor price, which the company may offer at its discretion.
- The final issue price will be determined by the Fund Raising Committee in consultation with the book running lead managers appointed for the issue.
Approvals already in place
- Board of directors: approval at its meeting held on September 28, 2026.
- Shareholders: special resolution passed at the Extra-Ordinary General Meeting on October 21, 2026.
What this means for a retail investor
- A qualified institutions placement raises fresh money by issuing new equity shares to institutional buyers. Because new shares are created, existing shareholders end up owning a smaller slice of the company, an effect commonly called dilution.
- The floor price is the reference minimum. Since a discount of up to 5% is permitted, the price finally paid by the institutional buyers could be lower than ₹ 1,161.85 per share.
- This particular issue is open only to eligible qualified institutional buyers, so retail investors do not apply in it.
- The shares carry a face value of ₹ 1 each, so the floor price is many times the face value.
Two things to watch
- The final issue price once the committee decides it with the lead managers.
- The discount actually offered, within the permitted 5% ceiling.
The update records that the committee meeting ran from 8:30 pm to 8:43 pm and that the communication is also posted on the company's website.
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More numbers
- Floor price per equity share₹ 1,161.85
- Face value per equity share₹ 1
- Maximum discount permitted on floor price5%
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