Alstom India in the green

Alstom India is buzzing in the green today morning. Over the past 2-3 days, volumes have jumped up on the counter. Today, the stock is currently up 3% at Rs.365, closer to its intra day high at Rs.369. Its 52-week high is at Rs.433.

The stock has been showing positive activity on its share sale plan. The company has announced that it plans to offer 1.69 crore equity shares of Rs 2 each of the company by way of an institutional placement programme (IPP) to qualified institutional buyers.  The issue will open tomorrow, 29 November and close on the same day. The price band for the issue shall be Rs 159-174 per equity share and at the upper end of the price band, the company is expected to raise Rs 294 crore.

This share sale is in accordance with SEBI’s norm of 25% public shareholding. The promoters held 80.32% stake as at 30th Sept 2013.