Patel Engineering launches QIP issue

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.