Alstom T&D India is trading higher by over 3% at Rs 171 after the company said it is planning to raise up to Rs 294 crore through sale of shares to institutional investors on November 29.
"Alstom T&D India is offering 16.94 million equity shares of Rs 2 each of the company by way of an institutional placement programme (IPP) to qualified institutional buyers," the company, a subsidiary of French firm Alstom, said in a regulatory filing to stock exchanges.
The price band for the issue shall be Rs 159-174 per equity share, it said.
This is part of company's effort to meet market regulator SEBI's norm of minimum 25 per cent public shareholding in the private sector listed companies. Currently, the promoters held 80.31% stake in the electric utilities firm.
The stock opened at Rs 167 and touched high of Rs 173 so far on the BSE. A combined around 17,400 shares have changed hands on the counter on the BSE and NSE.
"Alstom T&D India is offering 16.94 million equity shares of Rs 2 each of the company by way of an institutional placement programme (IPP) to qualified institutional buyers," the company, a subsidiary of French firm Alstom, said in a regulatory filing to stock exchanges.
The price band for the issue shall be Rs 159-174 per equity share, it said.
This is part of company's effort to meet market regulator SEBI's norm of minimum 25 per cent public shareholding in the private sector listed companies. Currently, the promoters held 80.31% stake in the electric utilities firm.
The stock opened at Rs 167 and touched high of Rs 173 so far on the BSE. A combined around 17,400 shares have changed hands on the counter on the BSE and NSE.