La Opala RG has rallied 7% to Rs 1,327, extending its 10% gain in past three trading sessions on BSE, after the company said its board approved to issue 0.5 million shares representing 4.74% stake to private equity (PE) firm WestBridge Capital for about Rs 55 crore.
On July 29, 2014, the board have decided to issue 502,468 equity shares of Rs 10 each at a price of Rs 1,100 on preferential basis to WestBridge Crossover Fund, LLC subject to the consent of shareholders by passing special resolution at an Extra Ordinary General Meeting to be convened on August 27, 2014 and other necessary approvals, La Opala RG said in a statement.
The firm plans to use the money for capital expansion of both its existing manufacturing plants besides other purposes.
The stock opened at Rs 1,235 and touched a new high of Rs 1,347 on BSE. A combined 16,146 shares changed hands on the counter so far on BSE and NSE.
On July 29, 2014, the board have decided to issue 502,468 equity shares of Rs 10 each at a price of Rs 1,100 on preferential basis to WestBridge Crossover Fund, LLC subject to the consent of shareholders by passing special resolution at an Extra Ordinary General Meeting to be convened on August 27, 2014 and other necessary approvals, La Opala RG said in a statement.
The firm plans to use the money for capital expansion of both its existing manufacturing plants besides other purposes.
The stock opened at Rs 1,235 and touched a new high of Rs 1,347 on BSE. A combined 16,146 shares changed hands on the counter so far on BSE and NSE.
