India, July 7 -- Listed dronetech company ideaForge has opened its qualified institutional placement (QIP) today (July 7) to raise fresh capital. The fundraising committee approved a floor price of Rs.835.86 per equity share, a slight discount from its closing price of Rs.838 today.

The company said it may offer a discount of up to 5% on the floor price, subject to shareholder approval already received.

In its QIP prospectus, the company outlined the following objectives of the fundraise:

Rs.165 Cr is earmarked for funding a working capital gap

Rs.120 Cr will be used to repay/ repay certain outstanding borrowings availed by the company

Rs.90 Cr will be invested in product development

The remainder of the proceeds would be used to me...