Rainbow Papers hits 52-week high as board to consider allotment of shares to promoter group firm

Rainbow Papers rose 1.66% to Rs 85.60 at 10:48 IST on BSE after the company scheduled a board meeting to consider allotment of shares to promoter group firm.

The company announced about the board meeting after trading hours on Thursday, 12 June 2014.

Meanwhile, the BSE Sensex was up 45.21 points, or 0.18% to 25,621.42

On BSE, so far 25,259 shares were traded in the counter as against an average daily volume of 62,379 shares in the past one quarter.

The stock hit a 52-week high of Rs 87.50 in intraday trade today, 13 June 2014. The stock hit a low of Rs 84.55 so far during the day. The stock had hit a 52-week low of Rs 70.05 on 16 May 2014.

The stock had outperformed the market over the past one month till 12 June 2014, surging 18.51% compared with Sensex's 8.6% rise. The scrip had also outperformed the market over the past one quarter, gaining 12.27% as against Sensex's 17.02% rise.

The small-cap company's equity capital is Rs 19.85 crore. Face value per share is Rs 2.

Rainbow Papers said that a meeting of the board of directors of the company will be held on 19 June 2014 to consider allotment of 69.84 lakh shares at Rs 81 per share (on conversion of the balance 69.84 lakh warrants outstanding to be converted) to the promoter group company Drupa Suppliers.

Promoters owned 39.62% stake in Rainbow Papers (as per the shareholding pattern as on 31 March 2014) of which Drupa Suppliers held 6.98%.

Rainbow Papers' consolidated net profit rose 5.7% to Rs 11.60 crore on 42.7% increase in net sales to Rs 322.51 crore in Q4 March 2014 over Q4 March 2013.

Powered by Capital Market - Live News