Info Edge shares gain 7%, hit all-time high on launch of QIP

Shares of Info Edge advanced nearly 7 per cent to hit a record high of Rs 3,419 on the BSE on Wednesday after the company announced it has launched qualified institutional placement (QIP) to raise up to Rs 1,875 crore.

In an exchange filing, the company informed on Tuesday that the Board of Directors of the Company at its meeting, approved and authorised the opening of the QIP on August 4, 2020. The floor price of the QIP has been fixed at Rs 3,177.18 per equity share.

On June 22, the company’s board of directors had approved fundraising through issue of equity shares of face value of Rs 10 each of the company by way of QIP to eligible qualified institutional buyers for an aggregate amount not exceeding Rs 1,875 crore.