Info Edge hits new high

Info Edge in the opening bell session was among the top five gainers on the BSE. The stock which had closed yesterday at Rs.3200.05, went on to hit a new 52-week high today at Rs.3419.15.

The stock zoomed up on its announcement that the Board yesterday approved the launch of a qualified institutional placement offering (QIP) to raise up to Rs.1875 crore or $250 million.

The company set the floor price of Rs.3177.18, which is at less than 1% discount to yesterday’s closing price.

The company plans to utilize the net proceeds to augment its long term cash resources, for meeting the fund requirements of its business activities and general corporate purposes as a part of its growth strategy.