Somany Ceramics Ltd opens QIP on Dec 17, 2015

Subsequent to the approval accorded by the Board of Directors of Somany Ceramics Ltd, at its meeting held on March 24, 2015 and the special resolution passed by the shareholders of the Company on May 02, 2015 by way of postal ballot for the QIP, the Company's Administrative Committee ("Committee") on December 17, 2015 has, authorised the opening of the QIP on December 17, 2015.

The committee approved the preliminary placement document dated December 17, 2015 In connection with the Issue, (the "Preliminary Placement Document") and recorded the floor price for the Issue i.e. Rs. 357.24.

Further the Company has informed that, the 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI Regulations, is December 17, 2015 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI Regulations is Rs. 357.24 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations the Company may offer a discount of not more than 5% on the floor price so calculated for the Issue.

Shares of SOMANY CERAMICS LTD. was last trading in BSE at Rs.392.8 as compared to the previous close of Rs. 333.2. The total number of shares traded during the day was 73437 in over 1882 trades.

The stock hit an intraday high of Rs. 399.8 and intraday low of 338. The net turnover during the day was Rs. 28656824.

Source : Equity Bulls

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