GPT Infraprojects launches QIP, sets reserve price at Rs 183.8 lakh; share price rises 5% | Market News
GPT Infraprojects’ share price remained trapped in the 5 percent upper zone on the BSE today. The buying interest emerged after the civil engineering company launched a financing plan through Qualified Institutional Placement (QIP) route.
At around 10:27 am, shares of GPT Infraprojects rose 1.74 percent or Rs 3.2 to Rs 187 per share. The company’s market capitalization stood at Rs 21,756.3 crore around the same time.
The Board of Directors of GPT Infraprojects has approved the floor price for the QIP at Rs 183.83 per share.
“We would like to inform you that the Fund Raising Committee has fixed the ‘relevant date’ for the QIP as August 26, 2024 and accordingly the floor price for the QIP, based on the pricing formula, is Rs 183.83 per share,” the filing said.
On July 5, the company had proposed to raise Rs 175 crore through issue of instruments or securities, including equity shares or other eligible securities.
GPT Infraprojects Q1FY25 Results
GPT Infraprojects’ consolidated total revenue stood at Rs 243.2 crore as against Rs 240 crore in the quarter ended June, up 1.5 per cent year-on-year, due to lower turnout at various locations for the Assembly elections during the quarter.
Consolidated Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 33.6 crore as against Rs 29.5 crore in the previous year. Net profit (after minority interests) for the quarter stood at Rs 16.8 crore in Q1FY25 as against Rs 13.2 crore in the corresponding last financial year.
GPT is the flagship company of the GPT Group based in Kolkata. GPT operates in two segments – Infrastructure and Sleepers. The company entered the infrastructure segment in 2004 and is now an established player specializing in the railway sector, engaged in executing civil engineering and infrastructure projects, particularly major bridges and level crossings.
In the sleeper segment, the company produces and supplies concrete sleepers for railways in India and Africa. The production facilities are located in Panagarh (West Bengal), Ladysmith (South Africa), Tsumeb (Namibia) and Eshiem (Ghana).
Price development of GPT Infraprojects shares
Last year, GPT Infraprojects shares delivered a disproportionate return of 348.2 percent, while the Sensex rose 25.9 percent.
First published: August 27, 2024 | 11:23 am IS
