The stock opened higher at Rs 182 and went on to hit a high of Rs 194.40, up 5.9 per cent. Around 5.3 lakh equities changed hands.
Shares of GRM Overseas are in focus as the company has informed exchanges that its board has approved board the fund-raise of Rs 136.5 crore through the issue of share warrants on a preferential basis to 33 promoters and non-promoter investors.
Shares of the company surged over 5 per cent on Friday. The stock opened higher at Rs 182 and went on to hit a high of Rs 194.40, up 5.9 per cent. Around 5.3 lakh equities changed hands.
“Raising of funds through issue and allotment of up to 91,00,000 (Ninety-One Lakhs) Share Warrants, each Warrant convertible into 1 (one) Equity Share of Face Value of Rs. 2/- (Rupees Two Only) to certain Promoters and Non-Promoter Investors (as per Annexure A) on preferential basis in terms of Chapter V of the Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations, 2018, as amended (“the SEBI ICDR Regulations”) at an Issue Price of Rs. 150/- (Rupees One Hundred and Fifty Only) including Premium of Rs. 148/- (Rupees One Hundred and Forty-Eight Only) per warrant, being the price not less than the minimum price determined with reference to the Relevant Date in accordance with Regulation 164 of the SEBI ICDR Regulations aggregating up to maximum amount of Rs. 1,36,50,00,000/- (Rupees One Hundred and ThirtySix Crores and Fifty Lakhs Only), subject to the approval of regulatory/ statutory authorities and the Members of the Company at ensuing Extra-Ordinary General Meeting,” the company said in an exchange filing.
Earlier, the company’s promoters, Atul Garg, had purchased 73,000 equity shares at a cost of Rs. 2 apiece, or about 0.12% equity stake of GRM Overseas Limited’s paid share capital.
GRM Overseas has said that its net profit in the fourth quarter of the financial year 2024 jumped by 87 per cent to Rs 21.16 crore as against Rs 11.27 crore reported during the same quarter of the last fiscal.
The company’s total sales in the reporting quarter fell by nearly 6.50 per cent to Rs 405.93 crore as against Rs 433.6 crore reported in the corresponding of FY2023.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)