D-Mart QIP is likely to be launched today. The company had taken QIP provision for about 2.5 crore shares, the price of which is not known. Appears that the price would be very close to where it is right now itself. Tuesday's close was around Rs 2,150, the price for the QIP would be between Rs 2,100 and 2,200 itself, perhaps a 5 percent discount or so.

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The company will raise around Rs 4,500-5,000 crore.

The reason why the company is raising this money is because the promoter stakes needs to be coming down from around 79.7 or 80 percent to around 75 percent by March 31. This 2.5 crore share QIP will reduce the promoter stake by around 3.94 percent odd and the rest would perhaps be done in a couple of weeks from now when the promoters will offload the other shares via an offer for sale (OFS).

The final nail as far as the QIP is concerned came just a few minutes ago when the company re-reported their results to the exchanges and out there - there was a line which said that the companies unaudited condensed consolidated interim financial statements have been prepared by the company solely in connection with a fundraising transaction - so that was a big give away.

First Published:Feb 5, 2020 3:18 PM IST