Palred Technologies zooms over 50% in four days on preferential issue to Florintree, others

Palred Technologies (formerly Four Soft) has locked in upper circuit of Rs 165.35, up 10% on BSE, after the board approved an allotment of equity shares worth of Rs 22 crore to Florintree Advisors and others. The company will allot 1.52 million shares to investors on a preferential basis at Rs 145 a piece

“Florintree led and advised investors are the lead participants in this round of preferential allotment. The investors include Mathew Cyriac (former Co-Head of Blackstone India Private Equity Business), Chidambaram Palaniappan (founder of Florintree), K. Madhavan (Joint Managing Director of Star TV India) and Bharat Sheth (Managing Director of Great Eastern Shipping),” Palred Technologies said in a release.

Palred owns and operates LatestOne.com, a vertically integrated ecommerce company and India’s largest e-tailor of mobile accessories. The funds would be used for the general expansion of the ecommerce platform.

“The funding will be used for accelerating our growth through investments in additional fulfillment centers, brand building, inventory, building b2b channels and developing the managed market place further,” said Palem Srikanth Reddy, chairman of Palred Technologies.

The stock was trading at its 52-week high and rallied 53% in past four trading days from Rs 108.15 on March 7, 2017.

On March 8, Palred Technologies has announced the launch of PTron HBE8 universal stereo earphone on their website. HBE8 is a new addition to the company’s HBE series of earphones.

Till 10:43 am; a combined 172,026 shares changed hands and there were pending buy orders for 87,252 shares on the BSE and NSE.