Mumbai, Aug 6 (Inditop.com) Engineering and construction major Punj Lloyd Thursday said it will raise Rs.670.18 crore through private placement of securities or via qualified institutional placements (QIP).
The company will issue 2.79 crore equity shares at Rs.240.20 a share, aggregating to Rs.670.18 crore, Punj Lloyd said in a regulatory statement.
“The committee of directors of the company has approved the issuance of up to 27,900,920 equity shares (including a premium of Rs.238.20 per equity share), aggregating to Rs.6,701,800,984 to qualified institutional buyers,” the company said.
QIPs are capital raising tools through which companies allot shares or any other security to institutional investors to raise funds. The money raised is in rupee denomination.
