Navin Fluorine shares rise nearly 3% after board approves Rs 750 crore QIP at Rs 4,798 floor price
Shares of Navin Fluorine International Limited gained almost 3% in early trade on Tuesday, July 8, following the company's announcement of a qualified institutions placement (QIP) to raise up to ₹750 crore. The stock climbed to ₹5,031.20, up ₹145.00 from its previous close of ₹4,886.20 on the NSE.
The company's Board of Directors, in its meeting held on Monday, July 7, approved the opening of the QIP and adopted the preliminary placement document and application form. The floor price for the issue has been fixed at ₹4,798.28 per share, as per SEBI's ICDR Regulations. The board noted that the company may offer a discount of up to 5% on the floor price, with the final issue price to be determined in consultation with the book running lead manager.
The board also decided to amend the agenda of its upcoming Annual General Meeting, removing an earlier resolution to raise up to ₹750 crore through equity or other instruments, as the QIP now addresses the funding need.
The company highlighted that the trading window remains closed for designated persons from June 30 to August 1, 2025, in view of the upcoming quarterly results.
Navin Fluorine's market capitalization stood at ₹248.59 billion, with a P/E ratio of 86.23 and a dividend yield of 0.24%. The stock touched an intraday high of ₹5,024.00 and a low of ₹4,926.00, staying above its previous close throughout the morning session.
The QIP is expected to strengthen the company's balance sheet and support its future growth initiatives.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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