Time Technoplast, a manufacturer of polymer products, has launched a qualified institutional placement (QIP) to raise funds, the company said in an exchange filing.
The size of the QIP is likely to be around ₹800 crore, according to a term sheet reviewed by ET. An email sent to the company went unanswered until Friday press time.
In the filing, the company stated that the Committee of Directors approved the opening of the issue on November 6 at a floor price of ₹211.7 per share. According to sources, the company plans to issue 3.97 crore shares, diluting nearly 8.8% of its equity, at an indicative price of ₹201.12 per share. This is at a 3.8% discount to Thursday’s close of ₹209.14. The stock closed at ₹209.50 on Friday