IndiaMart InterMesh surges 7% as QIP kicks off

IndiaMart InterMesh surges 7% as QIP kicks off

NEW DELHI: Shares of IndiaMart InterMesh climbed nearly 7 per cent in Thursday’s after the company launched qualified institutional placement, setting the floor price for the issue at Rs 9,065.61 based on the pricing formula.

The company board will on February 22 decide the final issue price after consulting with the book running lead managers.

“A meeting of the Fund Raise Committee of the board shall be held on Monday, February 22, 2021 to consider and approve, among other things, the issue price for the equity shares proposed to be issued pursuant to the Issue in accordance with the Chapter VI and other applicable provisions of the SEBI ICDR Regulations and as approved by the shareholders pursuant to a resolution dated February 10,2021,” IndiaMart informed BSE. At 11.50 am, the scrip was trading 6.8 per cent higher at Rs 9,140.75 on BSE.

In a separate note, the company said: “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 per cent to the floor price. The issue price will be determined by the company in consultation with the book running lead managers appointed for the issue,” it said.

The committee’s meeting commenced at 7:30 pm on Wednesday and concluded at 7:45 pm.

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