Paramount Cables shares hit upper circuit on fundraising plans
Shares of Paramount Communications hit an upper circuit of 5 per cent to Rs 86.75, near to its 52-week high at Rs 86.80 crore, commanding a total market capitalization of Rs 2,125 crore.
- Dec 19, 2023,
- Updated Dec 19, 2023 2:53 PM IST
Shares of Paramount Communications Ltd hit an upper circuit on Tuesday to hover around its new 52-week high after the company announced to issue shares to select investors on a preferential basis. The company informed about the same and its upcoming EGM through exchange filings on Monday. "The company board met on Monday, December 18 to consider and approve up to 2,25,24,980 equity shares of the company of face value Rs 2 each at a price of Rs 66.50 apiece the given investors/entities who does not belong to the promoter and promoter Group of the company," said Paramount Communications in its exchange filing. Some of the Anand Rathi Global Finance, VLS Finance, Morde Foods, Bighouse Ventures, SP Electrosolutions, NVS Corporate Consultancy, Pedigree Advisory and Growfast Securities and Credit, as per the filing. The company will be raising close to Rs 150 crore. Following the announcement, shares of Paramount Communications hit an upper circuit of 5 per cent to Rs 86.75, near to its 52-week high at Rs 86.80 crore, commanding a total market capitalization of Rs 2,125 crore. The scrip had settled at Rs 82.62 in the previous trading session on Monday. "The company board also approved to increase the authorized share capital of the company from Rs 70,00,00,000 divided into 30,00,00,000 equity shares of Rs 2 each and 10,00,000 redeemable preference shares of Rs 100 each to Rs 80,00,00,000 divided into 35,00,00,000 equity shares of Rs 2 and 10,00,000 redeemable preference shares of Rs 100 each," it added. Paramount Communications is engaged in manufacturing of Wires and Cables comprising power cables, telecom cables, railway cables and specialized cables. It has widened its portfolio, building on a prestigious clientèle that includes government, institutional and major private sectors.
Also read: Hot stocks on December 19: YES Bank, Suzlon Energy, IRCON, Apollo Tyres and more
Shares of Paramount Communications Ltd hit an upper circuit on Tuesday to hover around its new 52-week high after the company announced to issue shares to select investors on a preferential basis. The company informed about the same and its upcoming EGM through exchange filings on Monday. "The company board met on Monday, December 18 to consider and approve up to 2,25,24,980 equity shares of the company of face value Rs 2 each at a price of Rs 66.50 apiece the given investors/entities who does not belong to the promoter and promoter Group of the company," said Paramount Communications in its exchange filing. Some of the Anand Rathi Global Finance, VLS Finance, Morde Foods, Bighouse Ventures, SP Electrosolutions, NVS Corporate Consultancy, Pedigree Advisory and Growfast Securities and Credit, as per the filing. The company will be raising close to Rs 150 crore. Following the announcement, shares of Paramount Communications hit an upper circuit of 5 per cent to Rs 86.75, near to its 52-week high at Rs 86.80 crore, commanding a total market capitalization of Rs 2,125 crore. The scrip had settled at Rs 82.62 in the previous trading session on Monday. "The company board also approved to increase the authorized share capital of the company from Rs 70,00,00,000 divided into 30,00,00,000 equity shares of Rs 2 each and 10,00,000 redeemable preference shares of Rs 100 each to Rs 80,00,00,000 divided into 35,00,00,000 equity shares of Rs 2 and 10,00,000 redeemable preference shares of Rs 100 each," it added. Paramount Communications is engaged in manufacturing of Wires and Cables comprising power cables, telecom cables, railway cables and specialized cables. It has widened its portfolio, building on a prestigious clientèle that includes government, institutional and major private sectors.
Also read: Hot stocks on December 19: YES Bank, Suzlon Energy, IRCON, Apollo Tyres and more