Infotech Ent Scales New High At Rs 488
The scrip price of InfoTech Enterprises touched a new high of Rs 488 on Thursday at the Bombay Stock Exchange. The scrip closed at Rs 480.15, up by Rs 41.10 compared to the previous day's close of Rs 439.05. Volumes too surged to 10,732 from 2,167 shares traded on Wednesday.
On the National Stock Exchange also volumes increased to 1,42,392 shares from 50,321, with the price increasing by 8.18 per cent to Rs 475. It is learnt that the company made presentations to the analysts in Mumbai today about its future plans and order-book position.
The company has completed allotment of twelve lakh equity shares and three lakh convertible warrants on Monday on preferential basis to Carrier International Mauritius, a group company of US based $38 billion United Technologies Corporation, acting through its Pratt & Whitney division.
While the shares are issued at $6 a share, warrants are convertible after 18 months at $10. Post-warrant conversion, the weighted average price for Carrier works out to Rs. 330 a share. The preferential issue is to finance the company's acquisition plans and working capital.