HFCL Limited fixes QIP price as Rs. 68.75, allots shares

The Fund Raising Committee of Directors ('Committee') of HFCL Limited at its meeting held on December 09, 2021, approved the closure of the Issue (QIP) today (i.e. December 09, 2021) pursuant to the receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers in accordance with the terms of the Issue.

The Issue opened for bids on December 06, 2021.

The committee determined and approved the allocation of 8,72,72,727 Equity Shares at an Issue price on Rs. 68.75 per Equity Share [which is at a discount of Rs. 3.58 per Equity Share i.e. 4.95% to the floor price of Rs. 72.33 per Equity Share, in accordance with the SEBI ICDR Regulations] (including a premium of Rs. 67.75 per Equity Share) upon the closure of the Issue, determined according to the formula prescribed under Regulation 176 of the SEBI ICDR Regulations, for the Equity Shares to be allotted to the eligible qualified institutional buyers in the Issue.

The committe also approved and finalised the confirmation of allocation note to be sent to eligible qualified institutional buyers, intimating them of the allocation of Equity Shares pursuant to the Issue.

Shares of HFCL Limited was last trading in BSE at Rs. 92.35 as compared to the previous close of Rs. 86.95. The total number of shares traded during the day was 5707403 in over 24423 trades.

The stock hit an intraday high of Rs. 93.60 and intraday low of 86.25. The net turnover during the day was Rs. 518629567.00.

Source : Equity Bulls

Keywords

HFCL INE548A01028 QIP Allotment QIBs FundRaising