Patel Engineering launches QIP issue at Rs 59.50/share

New Delhi: Construction company Patel Engineering Ltd has launched a qualified institutional placement (QIP) issue and has set a floor price of Rs 59.50 per share.

In a regulatory filing the company said the allotment committee of the board at its meeting held on April 22, authorised the opening of issue and considered and took on record floor price of Rs 59.50 per equity share.

The company in a board meeting in February had approved the resolution to raise funds through issuance of equity shares to qualified institutional buyers.

The proposal received shareholders approval on March 8, 2024.

Further, a meeting of the allotment committee is scheduled to be held on April 25, 2024, to, inter alia, consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers pursuant to the issue.

Mumbai-based Patel Engineering is an engineering, procurement, and construction (EPC) firm with a strong presence in tunnels and underground works for hydroelectric and dam projects.