Alstom T&D India rose 5.77% to Rs 175 at 9:59 IST on BSE after the company said it is planning to raise up to Rs 294 crore by selling shares to institutional investors on Friday, 29 November 2013.
The announcement was made after market hours on Wednesday, 27 November 2013.
Meanwhile, the BSE Sensex was up 174.92 points, or 0.86%, to 20,595.18.
On BSE, 13,000 shares were traded in the counter compared with average volume of 9,898 shares in the past one quarter.
The stock hit a high of Rs 176.30 and a low of Rs 167.45 so far during the day. The stock hit a 52-week low of Rs 110 on 6 August 2013. The stock hit a 52-week high of Rs 212.50 on 27 November 2012.
The stock had outperformed the market over the past one month till 27 November 2013, rising 14.10% compared with the Sensex's 1.27% fall. The scrip had also outperformed the market in past one quarter, gaining 19.76% as against Sensex's 13.65% rise.
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The mid-cap company has an equity capital of Rs 47.82 crore. Face value per share is Rs 2.
Alstom T&D India will offer 1.69 crore equity shares of Rs 2 each of the company by way of an institutional placement programme (IPP) to qualified institutional buyers, the company said in a regulatory filing to stock exchanges.
The issue will open on Friday, 29 November 2013 and close on the same day. The price band for the issue shall be Rs 159-174 per equity share, it added. At the upper end of the price band, the company is expected to raise Rs 294 crore.
This is part of company's effort to meet the Securities and Exchange Board of India (Sebi)'s norm of minimum 25% public shareholding in the private sector listed companies. As on 30 September 2013, the promoters held 80.32% stake in Alstom T&D India.
Alstom T&D India reported a net profit of Rs 20.81 crore in Q3 September 2013 as against a net loss of Rs 1.81 crore in Q3 September 2012. Net sales rose 18.33% to Rs 802.25 crore in Q3 September 2013 over Q3 September 2012.
Alstom T&D India is a market leader in the Indian power transmission sector.
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