PTC Industries Limited has informed the stock exchanges that the board of directors of the company has approved the opening of a qualified institutional placement (QIP). According to a stock exchange notification, the board has approved the floor price of Rs 13,894.42 per equity share for the QIP.

“We would like to inform you that the Listing Committee of the Company on August 28, 2024 approved the floor price for the QIP of ₹13,894.42 per equity share. The Committee has fixed August 28, 2024 as the ‘relevant date’ for the QIP and accordingly, the floor price of the QIP will be ₹13,894.42 per equity share. The Company may offer a discount of not more than 5 per cent on the floor price for the QIP so calculated,” PTC Industries said in its exchange filing.

Earlier, the company’s board had approved raising funds of up to Rs 700 crore through Qualified Institutions Placement (QIP).

Qualified Institutional Placement (QIP) is a capital raising tool that allows a publicly traded company to issue common stock to a qualified institutional buyer (QIB).

Previously, PTC Industries informed the stock exchanges that its wholly-owned subsidiary Aerolloy Technologies Limited had developed the most advanced casting technology for the production of single-crystal and directionally solidified rotor blades and vanes for aircraft engines and industrial gas turbines.