"The board of directors of the company at its meeting held on June 28, has decided to open the issue on June 29, in respect of issue of equity shares of the face value of Rs 10 each of the company to Qualified Institutional Buyers (QIB) under the Qualified Institutions Placement (QIP)," the company said in a filing to the stock exchanges.
The company has fixed floor price of Rs 25.15 per equity share, based on the pricing formula as prescribed by the market regulator Sebi, it added.
As many as a combined 1.03 million shares have already changed hands on the counter till 1140 hours. There are pending buy orders for another 1.05 million shares on the NSE and the BSE.