Craftsman Automation shares rise 7% as board to consider raising of funds on April 27

Shares of Craftsman Automation ended 7% percent higher on Wednesday after the auto components company said its board would consider the proposal for raising of funds in its upcoming meeting on April 27. The board will also approve the Q4 FY24 earnings of Craftsman Automation in the same meeting.

Shares of Craftsman Automation closed 7% higher at Rs 4602.80 against the previous close of Rs 4304.50 on BSE. Market cap of the firm climbed to Rs 9724. 94 crore. Earlier, the stock rose  8% intraday to Rs 4648.65  on BSE. Total 0.11 lakh shares of Craftsman Automation changed hands amounting to a turnover of Rs 5.13 crore. The share has gained 50.32% in one year but lost 13.64% since the beginning of this year. It has risen 111% in two years and gained 258.60% in three years.

The share fell to a 52-week low of Rs 3044.70 on April 25, 2023 and a 52 week high of Rs 5510 on December 22, 2023. The stock has a beta of 0.6, indicating low volatility in a year.

“The company is planning to raise funds in one or more tranches by issue of equity shares and/or any other instruments or eligible securities representing either equity shares and/or convertible securities linked to equity shares or through any other permissible mode or a combination thereof by way of further public issue, debt issue, preferential allotment, rights issue, ADRs, private placement, qualified institutions placement (QIP), or any other method,” said Craftsman Automation. The company, however, did not reveal either the quantum of funds it is looking to raise or how it plans to use the proceeds.