Blue Star share price jumps 10% to hit 52-week high on launch of QIP
Blue Star share price jumped over 10% to hit a fresh 52-week high in early trade on Wednesday after the company floated a qualified institutional placement (QIP) issue to raise funds. Blue Star shares rallied as much as 10.59% to a 52-week high of ₹884.75 apiece on the BSE. The Air conditioners maker Blue Star has set the floor price for the QIP at ₹784.55 per share.
The floor price is nearly at a 2% discount to Monday’s closing price of ₹800 apiece. The company’s board had approved a proposal to raise up to ₹1,000 crore through QIPs or any other method suitable in one or more tranches during its Q1FY24 results. “Blue Star has aspirational growth plans and in order to fund the same, the Board of Directors of the Company,...
has approved raising of funds by way of issuance of equity shares, fully/partly convertible debentures, non-convertible debentures, and/or any other financial instruments convertible into equity shares including by way of a qualified institutions placement or any combination thereof for an aggregate amount not exceeding ₹1,000 crore in one or more tranches subject to necessary approvals," Blue Star said in a release on August 3. Also Read: HDFC Bank share price falls over 3% after analysts meet; here's what brokerages forecast Blue Star’s executive management committee will hold a meeting on September 22 to consider and approve the issue price. Blue Star share price has risen over 15% in the last one month, while the stock is up more than 43% YTD.
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