Cemindia Projects Ltd, an Adani Group engineering giant, has opened a qualified institutional placement. The company has set a floor price of ₹1,158.58 per equity share while offering an indicative issue price of ₹1,108—a near 4% discount to Wednesday's closing price of ₹1,153.50.
The placement will circulate up to 90.3 lakh shares, with a clause to expand the issue if demand warrants. The floor price follows the SEBI prescribed formula, and Cemindia retains the discretion to offer a discount of up to 5%.
ICICI Securities, IIFL Capital Services and SBI Capital Markets have been named book‑running lead managers, each bringing a track record in large institutional placements.
After the announcement, the stock edged up 0.97%, trading at ₹1,149.90 on the NSE, a touch below the floor but ahead of the market average for the sector.
The QIP is poised to inject fresh equity capital, potentially easing the firm's leverage and funding upcoming infrastructure projects. Analysts expect the placement to be fully subscribed, given the Adani Group's recent momentum in the infrastructure space.
Cemindia will file a detailed prospectus with SEBI in the coming days, and investors will monitor the subscription pace closely ahead of the issue closing date.