share price rose more than 3% on Tuesday, 2 June, after the renewable energy company announced the launch of its Qualified Institutional Placement (QIP).
The company has fixed the floor price for the issue at ₹294.13 per share, representing a discount of about 4.16% to Tuesday’s closing price of ₹306.90 per share. ACME Solar also stated that it may, at its discretion, offer an additional discount of up to 5% on the floor price in accordance with regulatory norms, as per reports.
The QIP launch is aimed at raising capital from institutional investors and comes as the company continues to expand its renewable energy portfolio.
Investor sentiment remained positive following the announcement, helping the stock outperform the broader market on Tuesday.
According to CNBC-TV18, citing sources and a term sheet reviewed by the network, ACME Solar Holdings plans to raise up to ₹2,800 crore through its QIP.
The report said the issue comprises a base size of ₹2,600 crore along with a greenshoe option of ₹200 crore. CNBC-TV18, citing its sources, further reported that a fully subscribed issue would result in an equity dilution of approximately 11.82% of the company’s pre-issue outstanding equity share capital.
According to the term sheet obtained by CNBC-TV18, the proceeds from the proposed fundraise are slated for debt repayment and general corporate purposes.
ACME Solar Holdings share price today
ACME Solar share price today opened at ₹306.40 per share on the , touched an intraday high of ₹333.50, and an intraday low of ₹296.35 per share.
Rajesh Bhosale, Equity Technical and Derivative Analyst at , said that ACME Solar has witnessed a strong technical breakout after an initial weak start to the session.
“After opening on a weak note and touching an intraday low of ₹295, the stock gained strong positive momentum, rising more than 7% from the previous day’s close within the first few hours of trade, supported by robust volumes. The move has resulted in a long-term breakout above last year’s swing high near ₹325.
Going forward, the stock’s outperformance is likely to continue as it enters uncharted territory. We expect the price to potentially move towards ₹360 over the next couple of months. On the downside, the ₹320– ₹310 zone is likely to act as a strong support area,” Bhosale said.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, believes ACME Solar’s chart structure remains firmly bullish following a key breakout.
“ACME Solar has registered a decisive breakout above a horizontal trendline on both the daily and weekly charts, indicating a strong bullish setup. Momentum indicators continue to support the uptrend, with the Relative Strength Index (RSI) trending higher and remaining above 60 across both timeframes, reflecting healthy buying interest.
The rising green histogram on the MACD indicator further strengthens the positive momentum outlook. In addition, the stock is trading comfortably above its key short- and long-term moving averages, underscoring the strength of the prevailing trend.
The breakout has also been accompanied by a steady increase in trading volumes, which adds credibility to the move. The ₹310– ₹315 zone remains a critical support area, and the stock is likely to maintain its upward trajectory as long as it sustains above these levels,” Shah said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.