Greenlam surges 11% as board approves Rs 195-cr preferential issue to QIB

The board has approved issuance of up to 6.31 million equity shares to Smiti Holding and Trading Company Private Limited at a price of Rs 309 per share aggregating to Rs 195 crore

Shares of Greenlam Industries surged 11 per cent to Rs 330.40 on the BSE in Monday's intra-day trade after its board approved fund raising of Rs 195 crore by issuing shares to qualified institutional buyer (QIB) on preferential basis.

At 10:46 am, the stock was trading 8 per cent higher at Rs 323 as compared to 0.03 per cent rise in the S&P BSE Sensex. It had hit a 52-week high of Rs 415.90 touched on April 19, 2022.

"The board has approved issuance of up to 6.31 million equity shares, having face value of Re 1 each,