Rategain Travel Tech releases QIP in an effort to finance Rs 600 crore

16 Nov 2023 , 12:14 PM

On November 15, Rategain Travel Technologies announced a fund-raising qualified institutions placement (QIP). Rs 676.66 per share has been set as the issue’s floor price.

CNBC TV-18 sources claim that the company intends to use QIP to raise Rs 600 crore, with a greenshoe option of Rs 200 crore. This will result in a QIP equity dilution of 8%.

To handle the matter, Axis Capital and IIFL Capital have been designated.

Rategain Travel closed at Rs 711.75 on the BSE earlier in the day. There is a five percent reduction in the floor price compared to the previous closing price.

‘A discount of no more than 5% on the floor price thus determined for the issuance may be provided by the firm. Rategain stated in an exchange announcement that ‘the issue price will be determined by the company in consultation with the Book Running Lead Managers appointed in relation to the issue.’

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