Shares of Indian Hotels Company were up 3 per cent to Rs 215 on the BSE in Wednesday’s intra-day trade after the Tata Group company announced that its qualified institutional placement (QIP) committee had approved the QIP issue March 22, 2022. The company has proposed to mobilise around Rs 2,000 crore through QIP and has a fixed floor price of Rs 203.48 per share.

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At 09:33 am, Indian Hotels traded 1 per cent higher at Rs 210.60, compared to a 0.34 per cent gain in the S&P BSE Sensex. The stock had hit a 52-week high of Rs 230.14 on October 14, 2021.
The company’s board of directors will now meet on March 25, 2022, to consider and approve the issue price, including a discount to allot equity shares to qualified institutional buyers.