Orbit Corporation issued and priced its QIP at a premium of Rs 175 per share or a total of Rs 185 per share on Friday the 14th of August 2009. The issue was for 78,40,426 shares and the total amount raised was Rs 145.048 crs. The share price on Thursday which had closed at Rs 199 on the BSE lost Rs 9.90 or 4.97% on Friday and closed at Rs 189.10. On the NSE, Thursday’s close was Rs 198. It lost Rs 9.65 or 4.87% to close at Rs 188.35. In keeping with the trend visible in recent QIP’s, this share is likely to be under pressure.

I would like to initiate a discussion on whether there should be some sort of lock-in period for QIP’s, looking at the spate of them in recent times.