Shakti Pumps' share price rose to hit its lifetime high level for a second consecutive session after the company announced raising up to Rs 400 crore through qualified institutional placement.
In an exchange filing, the company said it has approved raising funds for an aggregate amount of up to and not exceeding Rs 400 crore, in one or more tranches and/or one or more issuances, by way of qualified institutional placement.
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The board also authorised the treasury committee to give effect to the above to decide the terms and conditions of the proposed fund raise and to approve the postal ballot notice for the aforesaid issuance.
Shakti Pumps Share Price Today
Share price of Shakti Pumps rose as much as 4.1% to Rs 1,270 apiece, its lifetime high it hit on Monday. It pared gains to trade 2.05% higher at Rs 1,244.95 apiece, as of 12:04 p.m. This compares to a 0.5% advance in the NSE Nifty 50.
The stock has risen 603.76% in the last 12 months. Total traded volume so far in the day stood at 0.7 times its 30-day average. The relative strength index was at 79.74, indicating that the stock may be overbought.
The one analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data.
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