Ashoka Buildcon raises Rs 500 cr from institutional investors

Ashoka Buildcon today said it has raised Rs 500 crore by issuing the shares to institutional investors.
The company, in a regulatory filing, said the Qualified institutional placement (QIP) committee of the company which held its meeting has approved the allocation of 2.84 crore equity shares to the qualified institutional buyers amounting to approximately Rs 500 crore.
During the meeting it was also approved "issue price of Rs 175.80, after giving discount of upto 5 per cent, which is Rs 9.25 per equity Share, to the floor price of Rs 185.05 per equity share...To be issued and allotted to eligible qualified institutional buyers."

The shares of the company were trading at Rs 189.50 up 0.69 per cent on the BSE at 1515 hrs.