Aurionpro Solutions Ltd.’s fundraising committee launched a Qualified Institutional Placement (QIP) on Wednesday night to raise funds, the company mentioned in an exchange filing.

The institutional share sale sets the floor price at ₹2,103.68 per share, marking an 8.5% discount from Aurionpro’s Wednesday closing price of ₹2,300 per share.

Following this development, the board plans to reconvene post-April 3 to determine and endorse the issue price for the QIP. The company retains the discretion to offer a discount of up to 5% from the floor price.

In January, Aurionpro Solutions’ board greenlit a fundraising plan of up to ₹650 crore through various instruments, including QIP, preferential issue, or rights issue. Recently, the company secured an order worth nearly ₹100 crore from the Haryana Government for issuing open-loop NCMC cards, providing free travel to families below the poverty line.

The project’s initial phase aims for completion within six months, followed by ongoing maintenance services. Aurionpro Solutions specialises in offering software solutions and offshore IT outsourcing services to banking, financial services, and technology sectors.

As of March 31, the company’s promoters marginally increased their stake to 29.91% from 28.86% in December. Notable public shareholders include the Malabar India Fund, holding a 4% stake.

Despite a 2% dip in shares on Wednesday, Aurionpro Solutions has witnessed an impressive 600% surge in the past 12 months.