Manpasand Beverages gains after opening of QIP

Thus far in 2016, the stock rallied 49% as compared to 8% rise in the S&P BSE Sensex

Manpasand Beverages was trading higher by 2% at Rs 755 on the BSE after the company announced that its qualified institutional placement (QIP) issue opened on Tuesday, September 27, 2016.

Manpasand Beverages engaged in non-alcoholic beverages business has set a floor price of Rs 716.09 per equity share, 3.5% discount to yesterday's close price. The company may at its discretion offer a discount of up to 5% on the floor price in the offer.

The company intends to use the net proceeds inter alia for, enhancing company’s competitiveness by investing in growth opportunities, funding expansion plans and for general corporate purposes.

The stock hit a record high of Rs 770 on the BSE in early morning trade. A combined 78,098 shares changed hands on the counter on the BSE and NSE till 11:00 am.

Thus far in 2016, the stock rallied 49% as compared to 8% rise in the S&P BSE Sensex. It has more-than-doubled against its initial public offer (IPO) issue price of Rs 320 per share.

Manpasand Beverages is leading player in beverages segment offers mango based fruit drink under the Mango Sip brand; fruit drinks and carbonated fruit drinks under the Fruits Up brand; and fruit drinks with energy replenishing qualities under the Manpasand ORS brand. It also offers apple flavored fruit drink under the Apple Sip brand; and bottled water under the Pure Sip brand.