GEI Industrial Systems soars on allotting shares to Aditya Birla PE at premium

Allotted 2.5 million shares to Aditya Birla Private Equity Fund at Rs 250 per share each on conversion of CCPS.

GEI Industrial Systems has locked in upper circuit of 20% at Rs 63 on the BSE, after the company said it has allotted 3.05 million shares at price of Rs 250 per share on conversion of 5% cumulative convertible preference shares (CCPS) and warrants.

“The company has allotted 2.5 million shares to Aditya Birla Private Equity Fund and 54,668 shares to BanyanTree Growth Capital LLC at Rs 250 per share each on conversion of CCPS,” GEI Industrial Systems said in a statement.

The company has allotted 500,000 shares to C E Fernandes, promoter of the company, at Rs 250 per share on conversion of warrants, it added.

 

The stock opened at Rs 53.50 and hit a low of Rs 53.15 on the BSE.  A combined 658,904 shares have already changed hands on the counter so far compared to sub 10,000 shares that were traded daily in past ten trading days. There are pending buy orders for around 20,000 shares on the BSE and NSE.