Blue Star share price jumps 10% to hit 52-week high on launch of QIP | Mint
Active Stocks
Thu Feb 22 2024 15:29:56
  1. Bharti Airtel share price
  2. 1,134.50 -0.46%
  1. Tata Steel share price
  2. 145.85 1.39%
  1. State Bank Of India share price
  2. 765.95 -0.73%
  1. HDFC Bank share price
  2. 1,419.80 -1.28%
  1. Power Grid Corporation Of India share price
  2. 282.55 0.86%
Business News/ Markets / Stock Markets/  Blue Star share price jumps 10% to hit 52-week high on launch of QIP
BackBack

Blue Star share price jumps 10% to hit 52-week high on launch of QIP

Blue Star has set the floor price for the QIP at ₹784.55 per share. The floor price is nearly at a 2% discount to Monday’s closing price of ₹800 apiece.

Blue Star share price has risen over 15% in the last one month, while the stock is up more than 43% YTD. Premium
Blue Star share price has risen over 15% in the last one month, while the stock is up more than 43% YTD.

Blue Star share price jumped over 10% to hit a fresh 52-week high in early trade on Wednesday after the company floated a qualified institutional placement (QIP) issue to raise funds. Blue Star shares rallied as much as 10.59% to a 52-week high of 884.75 apiece on the BSE.

The Air conditioners maker Blue Star has set the floor price for the QIP at 784.55 per share. The floor price is nearly at a 2% discount to Monday’s closing price of 800 apiece.

The company’s board had approved a proposal to raise up to 1,000 crore through QIPs or any other method suitable in one or more tranches during its Q1FY24 results. 

“Blue Star has aspirational growth plans and in order to fund the same, the Board of Directors of the Company,... has approved raising of funds by way of issuance of equity shares, fully/partly convertible debentures, non-convertible debentures, and/or any other financial instruments convertible into equity shares including by way of a qualified institutions placement or any combination thereof for an aggregate amount not exceeding 1,000 crore in one or more tranches subject to necessary approvals," Blue Star said in a release on August 3.

Also Read: HDFC Bank share price falls over 3% after analysts meet; here's what brokerages forecast

Blue Star’s executive management committee will hold a meeting on September 22 to consider and approve the issue price.

Blue Star share price has risen over 15% in the last one month, while the stock is up more than 43% YTD. 

At 9:50 am, Blue Star shares were trading 8.71% higher at 869.65 apiece on the BSE. 

Catch Live Market Updates here

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 20 Sep 2023, 09:52 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App