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Ramco Systems has rallied 10% to Rs 692 on the National Stock Exchange (NSE) after the information technology (IT) & software services provider said it opened its qualified institutional placement (QIP) issue for subscription on Wednesday. The company has fixed a floor price of Rs 668.03 per equity share.
“The Fund Raising Committee of the Company on April 22, 2015, has authorised the opening of the QIP on April 22,” Ramco Systems said in a statement.
The board of directors of the company, at its meeting held on June 27, 2014 had approved to raise up to Rs 500 crore through issue of equity shares.
The stock opened at Rs 650 and touched a high of Rs 702 on the NSE. A combined 49,108 shares changed hands on the counter till 1031 hours on the NSE and BSE.
“The Fund Raising Committee of the Company on April 22, 2015, has authorised the opening of the QIP on April 22,” Ramco Systems said in a statement.
The board of directors of the company, at its meeting held on June 27, 2014 had approved to raise up to Rs 500 crore through issue of equity shares.
The stock opened at Rs 650 and touched a high of Rs 702 on the NSE. A combined 49,108 shares changed hands on the counter till 1031 hours on the NSE and BSE.
