Ahmedabad-based Astral Poly Technik Ltd has bagged approval for raising Rs 240.88 crore through qualified institutional buyers (QIB). The company will issue close to six million equity shares at a price of Rs 402.52 per equity share.
The company informed the Bombay Stock Exchange (BSE) that the securities committee of the company has approved such an issuance of 5984519 equity shares at a price of Rs 402.52 per equity share (including a premium of Rs 401.52 per equity share), aggregating up to Rs 240.88 crore, to Qualified Institutional Buyers, pursuant to Chapter VIII of the SEBI Regulations.
Further the company has informed that, pursuant to shareholders approval received on August 25, 2014 permitting a discount to the floor price, the issue price shall be fixed at a price of Rs 402.52 per equity share, Astral Poly Technik stated in its BSE filing.
Astral Poly Technik has also informed that the committee has passed necessary resolutions fixing the issue closing date for the said issue on December 8, 2014 and approving the placement document in this regard.
