Somany Ceramics has soared 13% to Rs 137 after its board approved to issue 4.35 million shares of the company to private equity firm Creador for Rs 50 crore on preferential basis.
The company will allot 4.35 million equity shares representing approximately 11.19% of the post-preferential issued and paid-up share capital of the Company, at a premium of Rs 113 each, for a total consideration of Rs 50 crore to Latinia Limited, Mauritius, an affiliate of Creador II LLC, (Non Promoter Category), on preferential allotment basis, Somany Ceramics said in a BSE filing.
Meanwhile, the foreign institutional investors (FIIs) have increased their stake in Somany Ceramics by over 2 percentage points to 2.81% in December quarter. FIIs held 0.78% stake in the company at the end of September quarter.
The stock opened at Rs 124 and touched a record high of Rs 142 on the NSE. A combined 1.06 million shares have already changed hands on the counter against an average sub 40,000 shares that were traded daily in past two weeks on the BSE and NSE.
In past three months, the stock has rallied nearly 70% from Rs 81.55 on October 17 compared to nearly 4% rise in benchmark CNX Nifty.
The company will allot 4.35 million equity shares representing approximately 11.19% of the post-preferential issued and paid-up share capital of the Company, at a premium of Rs 113 each, for a total consideration of Rs 50 crore to Latinia Limited, Mauritius, an affiliate of Creador II LLC, (Non Promoter Category), on preferential allotment basis, Somany Ceramics said in a BSE filing.
Meanwhile, the foreign institutional investors (FIIs) have increased their stake in Somany Ceramics by over 2 percentage points to 2.81% in December quarter. FIIs held 0.78% stake in the company at the end of September quarter.
The stock opened at Rs 124 and touched a record high of Rs 142 on the NSE. A combined 1.06 million shares have already changed hands on the counter against an average sub 40,000 shares that were traded daily in past two weeks on the BSE and NSE.
In past three months, the stock has rallied nearly 70% from Rs 81.55 on October 17 compared to nearly 4% rise in benchmark CNX Nifty.