Travel technology company Rategain Travel Technologies Ltd on Wednesday (November 15) launched its qualified institutional placement (QIP) to raise ₹600 crore ($72.2 million), sources privy to the developments told CNBC-TV18.

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The company's move involves a base issue of ₹400 crore, accompanied by an oversubscription option of ₹200 crore, as per the sources.

As of the last trading session, Rategain's shares closed at ₹711.9 per share. The indicative issue price for the QIP stands at ₹643 per share, reflecting a notable discount of 9.68% to the last closing price, the sources told CNBC-TV18.

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The Securities and Exchange Board of India (SEBI) has set a floor price for the issuance at ₹676.66 per share, allowing for a maximum discount of 5% on the SEBI floor price, the sources added.

Shares of Rategain Travel Technologies Ltd ended at ₹711.75, down by ₹6.40, or 0.89% on the BSE.

(Edited by : Shoma Bhattacharjee)