Belrise Industries share price gained nearly 3% in early trade on Wednesday after the company announced the launch of its Qualified Institutional Placement (QIP) to raise up to ₹1,200 crore. Belrise Industries shares rose as much as 2.94% to ₹239.15 apiece on the BSE.
The QIP Committee of the board of directors of the company on July 14 authorized the opening of the issue to eligible qualified institutional buyers with a floor price of ₹230.79 per share.
The company may offer a discount of not more than 5% on the floor price for the QIP, said in a regulatory filing on July 14. It also has an option to upsize the deal later if required.
The company’s shareholders had approved to raise up to ₹2,000 crore via the QIP route on July 2, following a board meeting in May which had approved the fund raise.
Belrise Industries QIP could result in an equity dilution of up to 5.78% of the company’s post-issue equity share capital, reports said.
The Pune-based company manufactures automotive components and safety-critical systems for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles.
Technical View
The broader trend for Belrise Industries share price is positive as it has been forming higher top higher bottom structure, noted Ruchit Jain, Head, Equity Technical Research, Wealth Management, Motilal Oswal Financial Services.
“Buying interest in Belrise Industries stock is seen and declines towards its 50 DEMA. The support zone for the near term is in the range of ₹225-220,” said Jain.
Belrise Industries Share Price Performance
Belrise Industries share price has risen 13% in three months and has gained 36% in six months. The stock has rallied 27% on a year-to-date (YTD) basis, and has jumped 97% in one year.
At 9:55 AM, Belrise Industries share price was trading 0.80% higher at ₹234.15 apiece on the .