Alicon Castalloy zooms 30% in 2 days as MFs pick stake via QIP issue

As per the shareholding pattern for the period ended June 30, 2021, filed by the company, mutual funds acquired 1.48 million shares, or 9.51 per cent stake, in Alicon Castalloy

Shares of Alicon Castalloy were locked in the 20 per cent upper circuit band, at Rs 761.75, on the BSE on Friday, having zoomed 30 per cent in two trading days, after the company said mutual funds bought nearly 10 per cent stake in the auto parts & equipment firm in qualified institutional placement (QIP) issue.

Alicon Castalloy raised Rs 80 crore by allotment of 1.48 million equity shares to eligible qualified institutional buyers (QIBs) at the issue price of Rs 540 per share, pursuant to the QIP. The QIP opened on June 25, 2021 and closed on June