GACM Tech allots 49.5 cr shares via QIP at Re 1 per share, raises Rs 49.5 cr
GATECH · price
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On the reaction day the stock moved 2.2 pts more than Nifty Microcap 250 and 2.5 pts more than its Other Financial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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GACM Technologies allotted 49.5 crore equity shares via QIP at Re 1 per share, raising Rs 49.5 crore. The price equals face value and was set at the SEBI floor price. Allottees are 4 foreign institutional funds - Minerva Ventures (9.08 percent), Magnifica Global (8.76 percent), Al Maha Investment (6.57 percent), and Ebisu Global (6.57 percent). Paid-up capital rose from Rs 110.27 crore to Rs 159.77 crore, about 45 percent dilution for existing holders.
Major dilution of about 45 percent as share count jumps from 110 to 160 crore. QIP at floor price signals weak stock pricing and poor investor demand.