Ramkrishna Forgings Limited has informed about the commencement of a Qualified Institutions Placement (QIP) of Equity Shares with a face value of Rs. 2 each.
The company received approval from the Board of Directors on September 30, 2023, and shareholders’ approval on October 28, 2023, for the QIP. The Capital Market Committee, in its meeting on November 8, 2023, authorized the opening of the QIP issue, approved the preliminary placement document dated the same day, and set the floor price at Rs. 644.46 per Equity Share based on the SEBI ICDR Regulations.
The Relevant Date for the QIP Issue was fixed as November 8, 2023, and the company may offer a discount of up to 5% on the floor price, as per Regulation 176(1) SEBI ICDR Regulations. The actual issue price will be determined by the company in consultation with the Book Running Lead Managers.
A meeting of the Capital Market Committee is scheduled for November 13, 2023, to consider and approve the final issue price, including any discount, for the Equity Shares allotted to Qualified Institutional Buyers (QIBs).
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