Blue Srar Share hit a 52-week high of Rs 946.80 on 20 September as the company floated a QIP (qualified institutional placement) issue to raise funds.

The company has issued QIP at a floor price of Rs 784.55 per share, which is a 2% discount from Monday’s closing price of Rs 800.05, to raise Rs 1,000 crore to support its growth plans.

At its discretion, the company may offer a discount of not more than 5% on the floor price.

On 3 August, the company announced its plans to raise Rs 1,000 crore through QIP to support its growth plans.

The Executive Management Committee of the company, at its meeting held on 18 September, considered and approved the issue’s opening.

They 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 shares will have a face value of Rs 2 each.

Blue Star’s Vice Chairman and Managing Director Vir Advani said, “The proceeds from the aforesaid proposed fundraising are intended to be utilised for meeting funding requirements and growth objectives of the company and its businesses, including but not limited to funding expenditure for general corporate purposes, as well as to retire some debt.”

At 1:52 pm, the shares of Blue Star were trading at Rs 909.90 or 13.73% above its previous close of Rs 800.05 on NSE.