Shares of KPI Green Energy were trading in the red and 4% lower on 19 December after the company announced its Board of Directors had given approval to Raise Rs 300 crore through the Qualified Institutions Placement (QIP) issue.

The company said that its board approved the floor price of the QIP at Rs 1,245 per equity share, which is a 10% discount from its previous closing of Rs 1,377.85 on Monday, 18 December.

In a meeting held on 1 September, the company approved the proposal to raise a QIP for Rs 300 crore.

The company said that the board will meet on 21 December to consider and determine the issue price of equity shares to be issued pursuant to the QIP.

The company has its base in Surat, Gujarat and develops, builds, owns, operates and maintains solar power projects.

At 3:30 pm, the shares of KPI Green Energy closed 2.75% lower at Rs 1,339.90 on NSE.