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Premier Explosives hits 52-week high as QIP opens

The stock rallied 10% to Rs 472 on BSE in intra-day trade.

SI Reporter  |  Mumbai 

Diverging state trajectories

hit 52-week high of Rs 472, up 10% on BSE, after the company on fund raising through qualified institutional placement (QIP) issue.

on Monday after market hours announced that the Securities Allotment Committee of the Company on 15 May 2017 has passed the resolutions for the opening of the on 15 May 2017 and fixed floor price of Rs 414.97 per equity share.

The company may offer a discount of not more than 5% on the floor price so calculated for the QIP, it added.

The committee is scheduled to meet on Thursday, May 18, 2017 to consider declaring the closure of on May 18, 2017; and determining and approving the issue price (including discount to the floor price if any.

At 01:50 pm; the stock was up 6.6% at Rs 457 on BSE as compared to 0.62% rise in the S&P BSE Sensex. A combined 130,883 equity shares changed hands on the counter on BSE and NSE so far.