IndiaMART InterMESH Limited fixes floor price for QIP as Rs. 9065.61

Pursuant to the approval granted by the Board of Directors of IndiaMART InterMESH Limited ("Company") ("Board"), at its meeting held on January 18,2021, and special resolution passed by the Members of the Company at the Extra-ordinary General Meeting of the Company held on February 10, 2021, the Fund Raise Committee of the Board ("Committee"), at its meeting held today February 17,2021, has decided to open the Qualified Institutions Placement of Equity Shares of face value of Rs. 10 each ("Equity Shares") today i.e. February 17, 2021, for receiving bids, in accordance with the provisions of Chapter VI of the SEBI ICDR Regulations. The Committee also approved and adopted the preliminary placement document dated February 17, 2021 and the application form, in connection with the Issue.

The Committee fixed the 'Relevant Date' for the purpose of the Issue, in terms of Regulation 171 of the SEBI ICDR Regulations, as February 17, 2021 and accordingly, the floor price in respect of the Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs. 9065.61 per Equity Share ("Floor Price") of the Company. In accordance with Regulation 176(1) of the SEBI ICDR Regulations, the Committee may, at its absolute discretion offer a discount of not more than 5% to the said Floor Price. The issue price will be determined by the Company in consultation with the book running lead managers appointed for the Issue.

Source : Equity Bulls

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