Salzer sizzles 7% on fund infusion

BSE-listed rotary switches maker Salzer Electronics is up over 7% or by Rs. 20 at Rs. 292 per share, with traded volume seen strong throughout the morning. Having made new 52 week high of Rs. 293.50 today, company’s current market cap stands at Rs. 307 crore.

Promoters have converted their 3.75 lakh warrants into equity shares. Also, company has successfully undertaken a QIP worth Rs. 62 crore, comprising of 26.41 lakh equity shares at Rs. 235 per share, a 5% discount to QIP floor price of Rs. 247.33, yesterday.

As of 30-6-15, of the 1.05 crore equity shares outstanding, promoters held 28.80% while institutional holding was quite low at 3.11%. With the QIP, the share will come on the radar of institutional investors, which is likely to increase both liquidity and coverage on the stock. For FY15, company reported revenue of Rs. 283 crore and earned net profit of Rs. 12 crore.