Blue Star shines on getting nod to invest Rs 94.40 crore in Blue Star Climatech
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Blue Star is currently trading at Rs. 967.75, up by 25.10 points or 2.66% from its previous closing of Rs. 942.65 on the BSE.
The scrip opened at Rs. 958.95 and has touched a high and low of Rs. 970.15 and Rs. 952.55 respectively.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 992.00 on 06-Nov-2023 and a 52 week low of Rs. 552.80 on 18-Nov-2022.
Last one week high and low of the scrip stood at Rs. 992.00 and Rs. 920.05 respectively. The current market cap of the company is Rs. 19382.28 crore.
The promoters holding in the company stood at 36.49%, while Institutions and Non-Institutions held 40.13% and 23.38% respectively.
Blue Star has received approval for investment in the equity shares of Blue Star Climatech (BSCL), the wholly owned subsidiary of the company, up to an amount not exceeding Rs 94.40 crore by way of subscription to rights issue up to 9,44,00,000 equity shares of Rs 10 each, at par, in one or more tranches. This investment will help BSCL inter alia in repayment / pre-payment, of certain outstanding borrowings and financing the cost towards its expansion plans. The said transaction is expected to be completed on or before March 31, 2024. The Executive Management Committee of the Board of Directors of the company at their Meeting held on November 8, 2023, has, inter alia, approved the same.
Blue Star is India’s leading central air-conditioning and commercial refrigeration company fulfilling the cooling requirements and providing end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, institutional and residential customers.
