Adani Group’s Cemindia Projects launches QIP, sets floor price at ₹1,158.58/share

Cemindia Projects Ltd, an Adani Group company, has launched a qualified institutional placement to raise capital from institutional investors, setting the floor price at ₹1,158.58 per equity share.The company plans to offer up to 90.3 lakh shares, with an option to increase the size of the issue, according to the terms of the placement. The indicative issue price has been set at ₹1,108 per share, a discount of nearly 4% to Wednesday’s closing price of ₹1,153.50.The floor price has been determined in accordance with the pricing formula prescribed under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations.Cemindia Projects may offer a discount of up to 5% on the floor price, at its discretion, with the final issue price to be decided in consultation with the book-running lead managers.ICICI Securities, IIFL Capital Services and SBI Capital Markets have been appointed as the book-running lead managers for the issue.Following the announcement, shares of Cemindia Projects closed 0.97% higher at ₹1,149.90 on the National Stock Exchange on Wednesday.Also Read: PTC Industries raises ₹1,800 crore via QIP, issue subscribed over 5 timesCemindia Projects, formerly known as ITD Cementation India, is an engineering and construction company specialising in infrastructure projects. Its work spans marine structures, ports, bridges, highways, tunnels, airports, mass rapid transit systems, industrial buildings and other complex civil engineering projects.The company’s QIP will allow it to raise equity capital from eligible institutional investors through a private placement, subject to the applicable regulatory framework.