Mach Conferences And Events shares jump 9% as promoter raises stake in SME stock

Mach Conferences And Events share price jumped over 9% on Tuesday, October 1, extending gains for the third consecutive session. Mach Conferences And Events is an SME stock and was recently listed on the BSE SME platform. The stock surged as much as 9.51% to a high of ₹279 apiece.

The rally in Mach Conferences And Events shares comes after one of its promoters increased its stake in the company through the purchase of shares from the open market.

Promoter Adit Bhatia bought a total of 34,800 equity shares of Mach Conferences And Events in five tranches from September 25 to September 30. Bhatia held 11,000 shares or 0.05% stake in the company as of September 25. After the acquisition, his shareholding increased to 0.22%, to a total of 45,800 shares.

The overall promoter shareholding in Mach Conferences And Events has risen to 70.1% from 69.93% as of September 9, according to the shareholding pattern of the company.

Mach Conferences and Events IPO

Mach Conferences and Events shares made a strong market debut on September 11 as the stock was listed at ₹300 apiece on the BSE SME, a premium of 33.33% over the issue price of ₹225 per share

The initial public offering (IPO) of Mach Conferences and Events was open for subscription from September 4 to September 6. The issue received a robust 196.70 times subscription.

The ₹125.28 crore Mach Conferences and Events IPO was a combination of a fresh issue of 22.29 lakh equity shares worth ₹50.15 crore and an offer-for-sale (OFS) of 33.39 lakh shares totalling ₹75.13 crore. The IPO price band was fixed at ₹214 to ₹225 per share.

Currently, Mach Conferences and Events shares are trading 10% below their listing price but are up over 20% from their issue price.

At 11:35 am, Mach Conferences and Events shares were trading 4.02% higher at ₹265 apiece on BSE SME. 

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