Shree Cement rises 4% post Rs 3,000 crore QIP offer launch

India's third-largest cement producing company has been hit by a prolonged monsoon season and falling cement prices on the back of the ongoing economic slowdown.

Shares of Shree Cement advanced 4.15 per cent to Rs 20,854.75 on the BSE on Wednesday after the company opened its Rs 3,000-crore qualified institutional placement (QIP) offer on Tuesday, fixing the floor price at Rs 19,806.46 per share.

At 10:17 AM, the stock was trading 1.5 per cent higher at Rs 203,37.6 apiece, as against a 0.67 per cent in the benchmark S&P BSE Sensex. 

“The proceeds from the QIP will be used for all corporate purposes. We have taken approval for a maximum amount of Rs 3,000 crore; it is a dynamic world and the need for funds change,” H