 "Ceat dips on listing of fresh shares")
Shares of Ceat has dipped 3.4% to Rs 867 on BSE after fresh shares allotted to qualified institutional buyers (QIBs) began to trade today.
“Total 4.49 million equity shares of Rs 10 each allotted to QIBs pursuant to qualified institutional placement are listed and admitted for trading on the exchange with effect from Wednesday, December 3, 2014,” BSE said in a notice dated December 2, 2014.
The tyre manufacturer had raised Rs 400 crore by issuing shares at price of Rs 890 per share. The funds will be used for capacity expansion.
Post QIP issue, the promoters holding in the company declined to 50.76% from 57.11% at the end of September quarter.
Foreign institutional investor’s stake however, increased to 25.27% from 15.65% earlier, Ceat said in a regulatory filing.
On BSE, the stock opened at Rs 905 and touched a low of Rs 865 so far. On NSE, the stock touched a low of Rs 863 after hitting high of Rs 900 in early morning trade. A combined 500,894 shares changed hands on the counter till 1108 hours on NSE and BSE.
“Total 4.49 million equity shares of Rs 10 each allotted to QIBs pursuant to qualified institutional placement are listed and admitted for trading on the exchange with effect from Wednesday, December 3, 2014,” BSE said in a notice dated December 2, 2014.
The tyre manufacturer had raised Rs 400 crore by issuing shares at price of Rs 890 per share. The funds will be used for capacity expansion.
Post QIP issue, the promoters holding in the company declined to 50.76% from 57.11% at the end of September quarter.
Foreign institutional investor’s stake however, increased to 25.27% from 15.65% earlier, Ceat said in a regulatory filing.
On BSE, the stock opened at Rs 905 and touched a low of Rs 865 so far. On NSE, the stock touched a low of Rs 863 after hitting high of Rs 900 in early morning trade. A combined 500,894 shares changed hands on the counter till 1108 hours on NSE and BSE.