Shares of Chalet Hotels Ltd. rose to a record high on the last trading session of the current financial year on Thursday as it opened its qualified institutional placement to raise funds.
The company intends to raise up to Rs 2,000 crore through the QIP which opened Wednesday, at a floor price of Rs 780.76 per share. The company is offering the QIP at 5% discount, according to an exchange filing.
Shares of the company rose as much as 9.89% during the day to the highest level since its listing, before paring gains to trade 3.47% higher at 10:52 a.m. This compares to a 1.09% advance in the NSE Nifty 50.
The stock has risen 150.69% in the last 12 months. The total traded volume so far in the day stood at 17.00 times its 30-day average. The relative strength index was at 72.29.
Of the 13 analysts tracking the company, 11 maintain a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.8%.
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