Shares of Alstom T&D India has soared 7% to Rs 187, extending its previous day’s 6% rally, as the institutional placement programme (IPP) issue of the company has opened for subscription today.
The stock opened at Rs 178 and touched high of Rs 193 so far on the BSE. A combined around 113,015 shares have changed hands on the counter till 1125 hours on the BSE and NSE.
Alstom T&D India said it is planning to raise up to Rs 294 crore through sale of shares to institutional investors on November 29. It has fixed a price band for the issue shall be Rs 159-174 per equity share.
"The company is offering 16.94 million equity shares of Rs 2 each of the company by way of an IPP to qualified institutional buyers," Alstom T&D India, a subsidiary of French firm Alstom, said in a regulatory filing to stock exchanges.
This is part of company's effort to meet market regulator SEBI's norm of minimum 25 per cent public shareholding in the private sector listed companies. Currently, the promoters held 80.31% stake in the electric utilities firm.
The stock opened at Rs 178 and touched high of Rs 193 so far on the BSE. A combined around 113,015 shares have changed hands on the counter till 1125 hours on the BSE and NSE.
Alstom T&D India said it is planning to raise up to Rs 294 crore through sale of shares to institutional investors on November 29. It has fixed a price band for the issue shall be Rs 159-174 per equity share.
"The company is offering 16.94 million equity shares of Rs 2 each of the company by way of an IPP to qualified institutional buyers," Alstom T&D India, a subsidiary of French firm Alstom, said in a regulatory filing to stock exchanges.
This is part of company's effort to meet market regulator SEBI's norm of minimum 25 per cent public shareholding in the private sector listed companies. Currently, the promoters held 80.31% stake in the electric utilities firm.
