Parsvnath Developers closes QIP issue

Parsvnath Developers Ltd has announced with reference to the issue of Equity shares of face value Rs. 10/- each of Parsvnath Developers Ltd. ("Equity Shares") to Qualified Institutional Buyers under Qualified Institutions Placement in terms of Chapter VIII of SEBI (Issue of Capital And Disclosure Requirements) Regulations, 2009 as amended ("the SEBI ICDR Regulations") for an amount of up to Rs 2695.23 million.

The duly authorized Committee of the Board of Directors of the Company has, at its meeting held on October 05, 2010, decided to close the Bid period and approved the issuance of up to 1,90,38,113 Equity Shares at a price of Rs. 141.57 per Equity Share (Including a premium of Rs 131.57 per Equity Share) aggregating to Rs 2695.23 million.

Further the Company has announced that the floor price In respect of the aforesaid Qualified Institutions Placement based on the pricing formula as prescribed under Regulation 85 of the SEBI ICDR Regulations, is Rs. 141.57 per Equity Share, and the relevant date for this purpose, in terms of Regulation 81(c)(ii) of Chapter VIII of the SEBI ICDR Regulations, is September 29, 2010.

The stock was trading at Rs.141.95, down by Rs.0.05 or 0.04%. The stock hit an intraday high of Rs.143.95 and low of Rs.141.50.

The total traded quantity was 3.93 lakhs compared to 2 week average of 5.72 lakhs.

Source : Equity Bulls

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