Cholamandalam Investment opens QIP with floor price of Rs 322.59 per share

Cholamandalam Investment and Finance Company Ltd has authorised opening of the issue of its Qualified Institutional Placement (QIP) on Monday, approving a floor price of Rs 322.59 per share. 

The company has rcently issued a postal ballot seeking shareholders' approval to raise upto Rs 1000 crore by way of QIP to eligible qualified institutional buyers in one or more tranches. 

The company said that it may offer a discount of not more than five per cent on the floor price so calculated for the issue