Ami Organics shares rally 12% to hit 52-week high on launch of ₹500 crore QIP

The speciality chemicals manufacturing company informed the stock exchanges in a filing that at the board meeting on June 18, 2024, its QIP committee approved and authorised the opening of the issue and finalised a floor price.

The floor price of the said issue has been set by the company’s board at ₹1,228.71 per equity share. Further, the company could offer a discount of at most 5% on the floor price for the QIP issue.

The company informed the stock exchanges on Tuesday that its QIP Committee will conduct a meeting on or after June 21, 2024, to consider and approve the issue price and decide whether a discount will be in place.

At the board meeting conducted on April 12, 2024, Ami Organics’ board had approved to raise funds of not more than ₹500 crore in one or multiple tranches by issuing equity shares with a face value of ₹10 each through the QIP route.

The speciality chemicals firm’s stock has made double-digit gains of 25% so far in the calendar year 2024, and has risen almost 15% in the last one month. Over a week’s period, shares of Ami Organics have climbed nearly 6%.

Ami Organics shares closed 4.3% higher at ₹1,368 per piece on the NSE.