SRF yesterday announced a qualified institutional placement (QIP) offering to raise Rs.750 crore from institutional investors.

It set the floor price at Rs.4168.73/share v/s yesterday’s close of Rs.4368.85.

The objective of this QIP is for funding suitable organic and inorganic growth; ongoing capital expenditure and pre-payment and/or repayment of outstanding borrowings.

The stock is pretty volatile today. From its close of Rs.4368.85, it opened a tad lower but soon rose to an intraday high at Rs.4402.30 but soon slipped to the day’s low at Rs.4332.05 and is now trading at Rs.4347.90.