Gokaldas Exports sets QIP issue price at ₹775 per share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Readymade garment manufacturer and exporter Gokaldas Exports Ltd (GEL) on Tuesday (April 23) said it has approved a qualified institutional placement (QIP) offering with an issue price of ₹775 per equity share.

The decision was made by the company’s Fund Raise Committee at its meeting held on April 23, 2024. The QIP, which opened on April 18, garnered significant interest from eligible qualified institutional buyers.

The Fund Raise Committee, in its meeting, authorised the closure of the issue period on April 23, 2024, after the receipt of application forms and funds in the escrow account from eligible qualified institutional buyers, in adherence to the terms of the issue.

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The approved issue price of ₹775 per equity share includes a premium of ₹770 per equity share, taking into account a discount of 1.90% (equivalent to ₹14.99 per equity share) on the floor price of ₹789.99 per equity share.

“Determined and approved the issue price of ₹ 775 per Equity Share (including a premium of ₹770 per Equity Share), which takes into account a discount of 1.90% (i.e. ₹ 14.99 per Equity Share) on the floor price of ₹ 789.99 per equity share,” Gokaldas Exports said.

The committee also finalised the confirmation of the allocation note to be dispatched to the eligible qualified institutional buyers, notifying them of the allocation of equity shares pursuant to the successful completion of the QIP.

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Shares of Gokaldas Exports Ltd ended at ₹808.75, down by ₹1.35, or 0.17%, on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow