Bharat Financial gains after QIP issue opens

SI Reporter | Mumbai Sep 23, 2016 02:35 PM IST
Bharat Financial Inclusion has moved higher by 7% to Rs 868 on the BSE in noon deal after the company announced that its qualified institutional placement (QIP) issue opened for subscription on Thursday, September 22, 2016.

“The meeting of the capital raising committee of the board of directors will be held on September 27, 2016 to consider and approve the issue price for QIP,” Bharat Financial Inclusion said in a statement.

The floor price of QIP offer has been set at Rs 769.95 per equity share. The company may at its discretion offer a discount of up to 5% on the floor price in the offer, it added.  The company is expected to raise Rs 750 crore.

At 02:33 pm, the stock was up 5% at Rs 850 on the BSE, as compared to 0.12% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than five-fold with a combined 6.28 million shares changed hands on the BSE and NSE so far.

Share Box