Navin Fluorine Opens QIP Worth Rs 750 Crore, Fixes Floor Price

Navin Fluorine International Ltd. announced the launch of its qualified institutional placement on Monday, a year after it received the board of directors’ nod to raise funds of up to Rs 750 crore through the issuance of multiple securities.

The floor price for the company’s QIP has been fixed at Rs 4,798.28 per share, which is around 2% lower than the stock’s closing price of Rs 4,886.2, according to an exchange filing on Monday.

This comes after the board of directors approved the plans on June 29, 2024, to raise funds through QIP. The resolution also received the nod from the shareholders at the annual general meeting on Aug. 1, 2024.

The board has also fixed July 7 as the relevant date for the QIP. The company may offer a discount of up to 5% on the floor price, depending on investor demand and in consultation with the book-running lead manager.

The business update was shared after market hours. The stock settled 0.95% lower at Rs 4,886.20 apiece on the NSE, compared to a flat close in the benchmark Nifty 50.

Navin Fluorine’s shares have risen 33.30% over the past 12 months and 50.54% year-to-date.