Blue Star to raise Rs 1000 crore via qualified institutions placement

Leading manufacturer of cooling equipment Blue Star launched its qualified institutions placement (QIP) offer on Monday with a floor price of Rs 784.55 per equity share in an effort to raise Rs 1,000 crore to fund its expansion objectives.

The issue will open on September 18, 2023, as decided upon by the Executive Management Committee at its meeting on Monday.

It also approved "the floor price for the Issue, being Rs 784.55 per Equity Share, based on the pricing formula, as prescribed under the SEBI ICDR Regulations".

The equity shares have a face value of Rs 2 each, according to a regulatory filing by the company.

Moreover, in accordance with the approval of the shareholders accorded through a special resolution on September 15, 2023, "the company may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the Issue", it added.

A meeting of the Executive Management Committee of Blue Star is scheduled to be held on Friday to approve the "issue price of the equity shares" to be allotted to QIP buyers.