Shares of Arman Financial Services Ltd. declined over 3% on Tuesday after the company raised Rs 230 crore via qualified institutional placement at a discount to the prevailing market price.
The Gujarat-based non-banking finance company set the issue price at Rs 2,195 per share, according to its filing on Monday. That was a discount of nearly 16% to the Friday's closing price of Rs 2,609.70.
Shares of the company fell as much as 3.59% to Rs 2,516 apiece on Tuesday before paring losses to trade 0.02% lower at Rs 2,609 apiece at 09:53 a.m. compared to a 0.30% advance in the NSE Nifty 50.
The stock has risen 81.43% year-to-date. The total traded volume so far in the day stood at 61 times its 30-day average. The relative strength index was at 68.34.
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