Published on 13/09/2017 12:42:42 PM | Source: Dion Global Solutions Ltd

Rane (Madras) zooms 18% on allotting shares to promoter

Posted in Stock On The Move | #Stock On The Move #Auto Ancillaries Sector #Rane Group


Shares of Rane (Madras) rallied over 18 per cent on the Bombay Stock Exchange after the shareholders of the company approved issue and allotment of under preferential issue to Rane Holdings Limited.

The allotment committee of the board of directors on September 11, 2017 has allotted 10,96,892 equity shares of face value of Rs 10 each, fully paid up, for cash, at a price of Rs 547 each; and 3,65,630 warrants of face value of Rs 10 each, for cash, at a price of Rs 547 each, convertible into 3,65,630 Equity shares of face value of Rs 10 each, fully paid up at a price of Rs 547 per share at any time on or before the expiry of 18 months from the date of allotment.

Following the announcement, shares of the company gained as much as 18.43 per cent to trade at intra-day high of Rs 579.80 apiece on the Bombay Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 32,248.89, up 90.23 points, or 0.28 per cent, at 12:00 hours.