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Stock Market News: Paramount Communications Ltd shares touched an upper circuit to hover around its new 52-week high on Tuesday. This comes after the company announced to issue shares to select investors on a preferential basis. Paramount Communications Ltd informed about the same and its upcoming EGM through exchange filings on Monday.
“The company board met on Monday, December 18 to consider and approve up to 2,25,24,980 equity shares of the company of face value Rs 2 each at a price of Rs 66.50 apiece the given investors/entities who does not belong to the promoter and promoter Group of the company,” said Paramount Communications in its exchange filing.
As per the filing by the company, some of the Anand Rathi Global Finance, VLS Finance, Morde Foods, Bighouse Ventures, SP Electrosolutions, NVS Corporate Consultancy, Pedigree Advisory and Growfast Securities and Credit. The company will be raising close to Rs 150 crore.
After the announcement, shares of Paramount Communications hit an upper circuit of 5 per cent to Rs 86.75, near to its 52-week high at Rs 86.80 crore, commanding a total market capitalization of Rs 2,125 crore. The scrip had settled at Rs 82.62 in the previous trading session on Monday.
“The company board also approved to increase the authorized share capital of the company from Rs 70,00,00,000 divided into 30,00,00,000 equity shares of Rs 2 each and 10,00,000 redeemable preference shares of Rs 100 each to Rs 80,00,00,000 divided into 35,00,00,000 equity shares of Rs 2 and 10,00,000 redeemable preference shares of Rs 100 each,” it added.
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