Sammaan Capital opens QIP today, sets floor price at ₹151.09 per share

Sammaan Capital Limited announced on Wednesday that its Securities Issuance and Investment Committee has approved the opening of a Qualified Institutions Placement (QIP) offering. The QIP is aimed at raising funds through the issuance of equity shares with a face value of ₹2 each to eligible qualified institutional buyers.

This announcement comes a month after the company announced plans to raise up to ₹2,500 crore through the issuance of equity shares. The funds will be raised via one or more Qualified Institutional Placements (QIPs), subject to necessary approvals.

The company's board "approved the floor price for the Issue, being ₹151.09 per Equity Share (“Floor Price”), based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations," it said in a statement. The issue price will be finalised in consultation with the appointed book-running lead managers. The company may also offer a discount of up to 5% on the floor price, subject to approvals.

In line with SEBI regulations, the ‘Relevant Date’ for the QIP is set as January 22, 2025, with the trading window for securities in the company closed since January 1, 2025.

The company reported a loss of ₹2,761 crore in its second quarter results. This contrasts sharply with the profit of ₹297.98 crore reported in the same quarter of the previous fiscal year. Despite this, it recorded an increased in revenue by about 8.8% year-over-year, and a growth of 9.7% compared to the previous quarter.