Multibagger stock ASM Technologies share price rises 5%, hits upper circuit. Here's Why
₹170 crore through preferential allotment of equity shares and warrants. Of the said plans for fund raising of ₹170 Crore, Rs.70 Crore has been raised on Wednesday, ASM Technologies said in its release. while the balance of Rs.
100 Crore will be received over the period of 18 months. The capital raise, was spearheaded by Mukul Agrawal, a prominent stock market investor, in which the promoters also took part. The company highlighted that this fundraising is a portion of a bigger effort to support the company's strategic goals of becoming a world leader in design-led manufacturing.
Also Read- Indian stock market: Rama Steel shares jump 10% after issuance of 2:1 bonus shares ASM Technologies is a pioneer in the semiconductor and automotive industries for design-led manufacturing, Among the strategic goals of ASM Technologies, are financing takeovers and acquisitions in the growing field of design-led manufacturing. ASM also intends to use the funds collected to fund general company needs, investments in associates, subsidiaries, joint ventures, and other legal uses that are authorized under the applicable laws. ASM Technologies managing director, Rabindra Srikantan, highlighted the preferential issue's transformative effect on the business's prospects going forward.
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