Olectra Greentech rises on getting approval to raise up to Rs 800 crore
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Olectra Greentech is currently trading at Rs. 642.25, up by 3.00 points or 0.47% from its previous closing of Rs. 639.25 on the BSE.
The scrip opened at Rs. 663.00 and has touched a high and low of Rs. 665.15 and Rs. 640.00 respectively. So far 24273 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 4 has touched a 52 week high of Rs. 940.45 on 16-Dec-2021 and a 52 week low of Rs. 292.10 on 02-Sep-2021.
Last one week high and low of the scrip stood at Rs. 665.15 and Rs. 590.55 respectively. The current market cap of the company is Rs. 5269.58 crore.
The promoters holding in the company stood at 50.02%, while Institutions and Non-Institutions held 9.05% and 40.93% respectively.
Olectra Greentech has received an approval from its board for a plan to raise up to Rs 800 crore through issuance of securities. The company is looking to raise the amount through issuance of equity shares and /or through sale of securities convertible into equity shares.
These could include issuance of warrants through one or more private offerings. However, Olectra Greentech did not specify the purpose for raising the funds.
Olectra Greentech is primarily engaged in the manufacturing of composite polymer insulators and electrical buses.
