Ceat Ltd fixes floor price of Rs. 930.53 for Qualified Institutional Placement

Subsequent to the approval accorded by the Board of Directors of Ceat Ltd, at its meeting held on August 26, 2014 and the approval of the shareholders of the Company by way of a special resolution dated September 26, 2014 for the QIP, the QIP Committee of the Company i.e. November 24, 2014 has, authorized the opening of the QIP on November 24, 2014.

The Board approved the preliminary placement document dated November 24, 2014 in connection with the QIP, (the "Preliminary Placement Document") and approved the floor price for the QIP.

The 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI ICDR Regulations, is November 24, 2014 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 930.53 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations, and further to the shareholder resolution dated September 26, 2014, the Company may offer a discount of not more than 5% on the floor price so calculated for the QIP.

Shares of CEAT LTD. was last trading in BSE at Rs.920.2 as compared to the previous close of Rs. 896.85. The total number of shares traded during the day was 155949 in over 11390 trades.

The stock hit an intraday high of Rs. 936.75 and intraday low of 903. The net turnover during the day was Rs. 144179206.

Source : Equity Bulls

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