 "Ramco Systems rallies on opening of QIP issue")
Ramco Systems has rallied 10% to Rs 692 on the National Stock Exchange (NSE) after the information technology (IT) & software services provider said it opened its qualified institutional placement (QIP) issue for subscription on Wednesday. The company has fixed a floor price of Rs 668.03 per equity share.
“The Fund Raising Committee of the Company on April 22, 2015, has authorised the opening of the QIP on April 22,” Ramco Systems said in a statement.
The board of directors of the company, at its meeting held on June 27, 2014 had approved to raise up to Rs 500 crore through issue of equity shares.
The stock opened at Rs 650 and touched a high of Rs 702 on the NSE. A combined 49,108 shares changed hands on the counter till 1031 hours on the NSE and BSE.
“The Fund Raising Committee of the Company on April 22, 2015, has authorised the opening of the QIP on April 22,” Ramco Systems said in a statement.
The board of directors of the company, at its meeting held on June 27, 2014 had approved to raise up to Rs 500 crore through issue of equity shares.
The stock opened at Rs 650 and touched a high of Rs 702 on the NSE. A combined 49,108 shares changed hands on the counter till 1031 hours on the NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%