Flurochemicals maker, Navin Fluorine International Ltdon Monday, July 7, announced the launch of its qualified institutions placement (QIP) to raise up to ₹750 crore by issuing equity shares with a face value of ₹2 each.
The move follows board approval on June 29, 2024, and a special resolution passed by shareholders at the company’s annual general meeting on August 1, 2024. The board, in its meeting held on July 7, approved the opening of the QIP issue and adopted the preliminary placement document along with the application form.
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The floor price for the issue has been set at ₹4,798.28 per equity share, in line with SEBI’s ICDR Regulations. The company has also fixed July 7, 2025, as the ‘relevant date’ for the QIP under Regulation 171(b) of the SEBI ICDR Regulations. It may offer a discount of up to 5% on the floor price, depending on investor demand and in consultation with the book-running lead manager.
Consequently, the company has amended the notice of its 27th AGM to delete the earlier item regarding raising funds through the issuance of equity or other instruments up to ₹750 crore.
Shares of Navin Fluorine International Ltd ended at ₹4,910.20, down by ₹22.00, or 0.45%, on the BSE.
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