Salasar Techno shares hit fresh high amid bonus buzz & fundraising plans; stock up 67% in a week

Shares of Salasar Techno Engineering Ltd extended their gains on Tuesday as the stock touched new highs amid a positive news flow for the company. The company has been on the radar of investors over bonus issues and fundraising plans lately, surging sharply in the last one week.

The company board of Salasar Techno Engineering said that its company board will meet on Thursday, January 25 to consider proposals of fundraising to accelerate business growth and to augment the financial resources of the company, it said in the exchange filing with the bourses.

The company will be looking to raise funds by the way of issue of one or more instruments including equity shares, convertible or non-convertible securities of any description or warrants or debt securities, through preferential issue, private placements rights issue or any other methods or combination thereof as may be permitted under applicable laws, it added.

Following the announcement, shares of Salasar Techno Engineering surged 18.28 per cent to Rs 112.23 on Tuesday, hitting its new 52-week high, with a total market capitalization of more than Rs 3,300 crore. The scrip has surged about 67 per cent in the last five sessions, from Rs 66.93 on Wednesday, January 17.

Shares of Salasar Techno Engineering have surged more than 210 per cent from its 52-week low at Rs 36, hit in March 2023. The stock is up more than 60 per cent in the last year 2024 so far, while it is up 110 per cent in the last six-month period.

Last week, the company board announced Thursday, February 1, 2024 as the record date for the purpose of ascertaining the eligibility of shareholders for entitlement of bonus shares in the ratio of 4:1, said the company in the exchange filing. The Noida-based company had announced to issue bonus shares in December 2023.

Incorporated in 2006, Salasar Techno Engineering is engaged in manufacturing of large & heavy steel structures, and providing customized steel structures and 360-degree EPC solutions to diverse range of industries including telecom, power, railways and more.

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