JK Cement fixes price for QIP issue at Rs 732.42 per share

JK Cement Monday said its board has fixed the floor price at Rs 732.42 apiece for the issue of equity shares through the qualified institutional placement (QIP) route. In June, the company said its board has decided to raise up to Rs 700 crore through issue and allotment of equity shares and securities which could include GDRs or ADRs through domestic and/or international offerings. In a regulatory filing Monday, JK Cement said the board has approved raising of funds by way of issue of equity shares through QIP. The floor price in respect of the QIP is Rs 732.42 per equity share, it added. "The company may at its discretion offer a discount of not more than 5 per cent of the floor price of the QIP and the company will accept bids at or above the 5 per cent discount to the floor price," the filing added.