Shares of Palred Technologies (formerly Four Soft) soared over 9 per cent on the Bombay Stock Exchange and has locked in upper circuit after the board approved an allotment of equity shares worth of Rs 22 crore to Florintree Advisors and others. “Florintree led and advised investors are the lead participants in this round of preferential allotment.
The investors include Mathew Cyriac (former Co-Head of Blackstone India Private Equity Business), Chidambaram Palaniappan (founder of Florintree), K. Madhavan (Joint Managing Director of Star TV India) and Bharat Sheth (Managing Director of Great Eastern Shipping),” Palred Technologies said in a release. Boosted by the development, shares of company gained as much as 9.98 per cent at Rs 165.35 apiece on the Bombay Stock Exchange.
In a similar fashion, stocks of company rose 9.99 per cent to Rs 166.80 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 29,433.47, up 487.24 points, or 1.68 per cent at 11:42 hours.