Info Edge rallies on QIP issue launch

NEW DELHI: Shares of Info Edge (India) gained as much as 5.62 per cent in intrday trade on Friday, as the company late on Thursday approved the launch of Qualified Institutions Placement (QIP) issue.

The floor price has been set at Rs 766.89 a share.

In a statement to the BSE, the company said: "The relevant date for the purpose of this QIP is September 04, 2014, and that accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed in under Regulation 85 (1) of the SEBI Regulations is Rs 766.89 per equity share (the "floor price"); and authorising the Company to offer, at its discretion, a discount of up to 5% on the Floor Price to investors in the QIP."

At 3:00 p.m.; the stock of Info Edge was trading at Rs 805.20 up 4.66 per cent on the BSE. It hit a day high of Rs 812.65 and a day low of Rs 770.