Cholamandalam Investment and Finance Company Sees 2% Surge in Shares After Rs 4,000 Crore QIP Announcement

29 Sep 2023 , 12:30 PM

Cholamandalam Investment and Finance Company witnessed a higher opening of shares on September 29 due to a Rs 4,000-crore qualified institutional placement (QIP) issue aimed at fundraising. In early trading, the stock was quoted at Rs 1,225.35 on the NSE, reflecting a 0.45 % increase from the previous day’s closing price.

The floor price for the QIP is set at Rs 1,200.51 per share, presenting a nearly 2 % discount compared to the previous day’s closing price of Rs 1,219.80. 

The company has the discretion to offer a discount of up to 5 % on the floor price. The company’s board will convene on October 4 to determine the issue price for the QIP. For the June quarter, the company reported a 28 % year-on-year increase in net profit to Rs 726 crore from Rs 566 crore in the same period last year. Additionally, the assets under management (AUM) surged by 40.12 % year-on-year to Rs 1.15 lakh crore. On September 29, Chola Investment shares closed nearly 2 % higher at Rs 1,129.80 on the NSE.

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