Bharat Financial shares surge nearly 6% on Rs 750-cr QIP launch

Shares of Bharat Financial Inclusion , formerly known as SKS Microfinance, rallied 5.6 percent intraday after the company launched its qualified institutional placement (QIP) to raise Rs 750 crore. The capital raising committee of the board of the company passed resolutions for authorising the opening of the offer on September 22 and

approving the preliminary placement document, the company said its filing. The company had received approval of shareholders for preliminary placement document by way of a special resolution on July 21. The floor price for the offer is Rs 769.95 per equity share and the company may offer a discount of up to 5 percent on the floor price, it said. On September 22, the company had withdrawn its QIP due to technical error and then refiled preliminary placement document with exchanges within a hour after withdrawal. At 12:51 hours IST, the scrip of Bharat Financial Inclusion was quoting at Rs 857.00, up 5.59 percent, in addition to 4.5 percent rally in previous session.