Shares of Kolkata-based infrastructure firm GPT Infraprojects gained on August 27 as the company's Fund Raising Committee has given the green light for a qualified institutional placement (QIP) to raise funds.

The floor price for the QIP has been set at Rs 183.83 per equity share, a discount of 1.8 percent from the last closing price. The company may offer a discount of up to 5 percent on the floor price at its discretion.

A QIP is a fundraising mechanism used by companies to raise capital through the issue of equity shares or convertible securities to qualified institutional buyers (QIBs).

GPT Infraprojects' fund raising committee approved the preliminary placement document dated August 26, 2024, and authorised the opening of the issue to eligible qualified institutional buyers.

For the first quarter of FY25, GPT Infraprojects reported consolidated financials showing a positive trend. Its net sales increased by 2.47 percent on-year to Rs 241.73 crore compared to Rs 235.90 crore in the year-ago period.

The company's quarterly net profit saw a significant rise of 31.61 percent YoY, totaling Rs 16.03 crore, up from Rs 12.18 crore a year earlier.

GPT Infraprojects shares ended 1.3 percent lower at Rs 187.20 on the National Stock Exchange (NSE) in the previous session. So far this year, the stock has rallied 124 percent, massively outpacing benchmark Nifty's returns of around 14 percent during this period.

The counter has rallied 353 percent in last 12 months, more than quadrupling investors' capital. In comparison, Nifty delivered returns of around 27 percent during this period.

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Published on - Aug 27, 2024 08:15 am