Shares of Ethos Ltd. rose on Wednesday after it approved a preliminary placement pricing for raising funds via qualified institutional placement of equity shares.
The company approved the floor price for its preliminary placement at Rs 1,627.49 per equity share. It may offer a discount of not more than 5% on the floor price as calculated for the issue, according to an exchange filing on Tuesday.
However, the board of the company will meet on Friday to finalise the price and the discount at which the shares will be allotted, it said.
Ethos' stock rose as much as 4.83% to Rs 1,732 apiece, the highest since Oct. 16. It pared gains to trade 1.59% higher at Rs 1,678.50 apiece compared to a 0.20% decline in the benchmark NSE Nifty 50 at 10:39 a.m.
It has risen 64.5% on a year-to-date basis. The total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 51.5.
All three analysts tracking Ethos maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.2%.
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