New Delhi, July 15 -- Belrise Industries share price gained nearly 3% in early trade on Wednesday after the company announced the launch of its Qualified Institutional Placement (QIP) to raise up to Rs.1,200 crore. Belrise Industries shares rose as much as 2.94% to Rs.239.15 apiece on the BSE.

The QIP Committee of the board of directors of the company on July 14 authorized the opening of the issue to eligible qualified institutional buyers with a floor price of Rs.230.79 per share.

The company may offer a discount of not more than 5% on the floor price for the QIP, Belrise Industries said in a regulatory filing on July 14. It also has an option to upsize the deal later if required.

The company's shareholders had approved to raise up to...