Wheels India has rallied almost 9% to Rs 967 on the BSE, also its record high, after announcing fund raising plans up to Rs 100 crore through equity to meet its capital requirements.
“In addition to meeting the fresh capital requirements of the company, the raising of the equity will also help the company to meet the deadline of market regulator Sebi guidelines for listed companies to have at least 25% of equity held by non-promoters,” Wheels India said in a filing.
The stock of auto component manufacturer has appreciated 31% in past two trading sessions on BSE after its foreign promoter Titan Europe Plc made an open offer for acquisition of 14.38% stake in the company at a price of Rs 725.38 per share. The counter opened at Rs 895 and has seen over ten-fold jump in trading volumes. As many as a combined 343,388 shares have changed hands on the counter so far on the BSE and NSE.
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