Penny stock under Re 1 hits upper circuit after ₹200 crore fundraise move via QIP
GACM Technologies' share price opened at ₹ 0.83 apiece, slightly lower than its last close of ₹ 0.85, but soon touched the intraday high of ₹ 0.89, which is also its 5% upper price band.
GACM Technologies in an exchange filing dated July 9 said that the board approved raising of funds by way of issuance of such number of equity shares having a face value of ₹ 1 each of the company and/or other eligible securities for an aggregate amount not exceeding ₹ 200 crore or an equivalent amount thereof by way of Qualified Institutional Placement in accordance with the applicable laws, in one or more tranches.
The penny stock under ₹ 1 added that the said ₹ 200 crore QIP issue is subject to the approval of the members of the company at the ensuing Annual General Meeting (AGM)/.
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