The stock ended at the same upper circuit of Rs 263.55 with trades of 96,360 shares on the BSE. Buy orders of 2,751 shares were pending at the counter.
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(Updated at 1232 hrs)
Webel-SI Energy Systems has rallied to its 5% upper circuit on QIP issue.
The stock opened at Rs 250 and slipped 2% to a low of Rs 246. From there the stock surged to its 5% upper circuit of Rs 263.55 and is currently locked at that level. 75,429 shares have been traded on the BSE so far, with 14,585 buy orders pending at the counter.
The stock has gained 10% in the two days following the announcement. It has soared 61% in the past month itself.
The company has informed that they have received bids for 2 million equity shares from institutional investors. The five bidders are Penninsular South Asia Investment, Investment Professionals, The Indiaman Fund, Mavi Investment Fund, and the Royal Bank of Scotland PLC. Through the QIP issue the company will be able to raise funds worth Rs 45.40 crore.
