Mauritius-based FII Saint Capital Fund invests in plastic furniture stock Okay Play India. Share hits upper circuit

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Stock market today: OK Play India shares are one of the multibagger stocks delivered by Indian stock market in 2023. In year-to-date time, this multibagger stock has risen to the tune of over 200 per cent but some FIIs are still bullish on this plastic furniture stock. As per the latest exchange filing by OK Play India Ltd, board of directors of the company has allotted 5 lakh company shares at ₹125 per share to Saint Capital Fund — a Mauritius-based foreign institutional investor (FII).

The Mauritius-based FIIs had applied for preferential offer of the copmany. After breakout of this stock market news, OK Play India shares witnessed strong buying during early morning session and hit 5 per cent upper circuit within few seconds of stock market's opening bell today. Also Read: Adani Power to Adani Enterprises: Adani shares jump after SC hearing The board of directors of the multibagger stock approved share allotment to the FII during its meeting held on Monday.

As per the exchange filing of the company, company board has approved 5 lakh shares to the FII at a price of ₹125 apiece. This means the Maurotous-based FII has been alloted company shares at a cost of ₹6.25 crore. OK Play India share price today is ₹156.50 apiece, this means absolute value of ₹6.25 crore investment for the Mauritius-based FII is ₹7,82,50,000.

So, after allotment of preferential shares, the FII has gained over 25 per cent within one day of share allotment. OK Play India Ltd alloted these 5 lakh shares to Saint Capital Fund in his fund raise drive to raise ₹25.75 crore via issuance of preferential shares that it had offered at a price of ₹125 per share. The company board also allotted company shares to other applicants like Leisure Enterprises LLP