Bharat Financial Inclusion launches QIP to raise Rs.750 crore

India Infoline News Service | Mumbai | September 23, 201611:54 IST

The company said it has filed the preliminary placement document with the exchanges.

Stock Market
Bharat Financial Inclusion Ltd will raise Rs.750 crore via qualified institutional placement (QIP) offer.

The company has informed BSE that the meeting of the Capital Raising Committee of the Board will be held on September 27, 2016 to consider and approve the issue price for the Equity Shares proposed to be issued pursuant to the Offer in accordance with the Chapter VIII and other applicable provisions of the SEBI Regulations and Section 42 of the Companies Act, 2013, as amended, read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, as amended.

The company said it has filed the preliminary placement document with the exchanges. The floor price of the QIP offer has been set at Rs.769.95 per equity share.

Bharat Financial Inclusion Ltd is currently trading at Rs. 848.1, up by Rs. 36.5 or 4.5% from its previous closing of Rs. 811.6 on the BSE.

The scrip opened at Rs. 823.25 and has touched a high and low of Rs. 849.8 and Rs. 819.1 respectively. So far 3858995(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 10373.17 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 938.75 on 29-Jul-2016 and a 52 week low of Rs. 373.2 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 815.95 and Rs. 748 respectively.

The promoters holding in the company stood at 2.06 % while Institutions and Non-Institutions held 80.77 % and 17.16 % respectively.

The stock is currently trading above its 50 DMA.

***Note: This is a NSE Chart



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