Jaiprakash Power Ventures has slumped in noon deals after the company announced the opening of qualified institutional placement to raise up to Rs 3500 crore.
Jaiprakash Power Ventures' qualified institutional placement (QIP) to raise up to Rs 3500 crore opened for bidding on Tuesday. The floor price for the QIP has been set at Rs 31.93 per share. If one assumes that the QIP is priced at the floor price of Rs 31.93 per share, the fresh issue of shares will result in equity dilution of a staggering 41.76%.
The stock opened at Rs 33.10 and slipped 6.5% at Rs 30.70. It is now 25% away from its 52 week low of Rs 24.55. Around 7,53,000 shares have been traded on the BSE so far, as against 4,51,000 shares that were traded on an average in the last two weeks.
