India's PG Electroplast hits record high after QIP launch

PG Electroplast

05/12/2024 08:49

** Shares of consumer electronic components maker PG
Electroplast  PGEL.NS  rise 3.5% to a record high of 799.2
rupees
** Co on Wednesday opened its qualified institutional placement
(QIP) of shares to raise 15 billion rupees ($177.2 mln)
    ** Co did not immediately respond to request for comment on
how it plans to use QIP proceeds
    ** Sets floor price of 705.18 rupees/share, an 8.8% discount
to stock's last close 
    ** Says it may also offer up to an additional 5% discount on
the floor price at its discretion
    ** Stock on track to fifth straight day of gains
    ** More than 2.8 mln shares traded, 2.2x the 30-day avg
    ** Stock has more than doubled YTD
     
     
    ($1 = 84.6750 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)
((mailto:aleefjahan.cs@thomsonreuters.com))