RateGain Travel Technologies Limited (NSEI:RATEGAIN) announced fundraising through a qualified institutions placement (QIP), for which the floor price has been set at INR 676.66 per share. The company's board considered and approved the QIP at its meeting held on November 15. ''The board approved the preliminary placement document dated November 15, 2023 together with application form in connection with the proposed qualified institutions placement of equity shares of INR 1 each ("equity shares", and such qualified institutions placement, the "issue",'' said RateGain Travel in a regulatory filing to the stock exchanges.

''The board approved the floor price for the Issue, being INR 676.66 per equity share ("floor price"), based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations,'' added RateGain in its filing. The leading software-as-a-service (SaaS) company also said that it will offer a discount of not more than 5% on the floor price calculated for the issue. "The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

The issue price will be determined by the company in consultation with the Book Running Lead Managers appointed in relation to the issue," said RateGain Travel Tech in a regulatory filing to the stock exchanges. According to CNBC TV-18, the company plans to INR 6,000 million via QIP including INR 2,000 million greenshoe option. This will lead to 8% equity dilution through the issue.

Axis Capital and IIFL Capital have been appointed to manage the issue, according to the media channel.