Shares of Ami Organics Ltd. surged over 12% on Wednesday to an all-time high after launching a qualified institutional placement of equity shares of face value of Rs 10 each a day ago.
The pharmaceutical company set the floor price at Rs 1,228.71 per share, which indicates a discount of 6.2% from the previous close, according to an exchange filing.
Ami Organics' QIP committee will meet after June 21 to approve issue price and discount. It will also approve allotment of shares to the qualified institutional buyers, the company said.
Ami Organics' stock rose as much as 12.06% during the day to Rs 1,469 apiece on the NSE. It was trading 6.67% higher at Rs 1,398.40 per share, compared to a 0.05% advance in the benchmark Nifty at 12:44 p.m.
The share price has risen 7.75% in the last 12 months and 24.75% on a year-to-date basis. The total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 69.1.
Six out of the eight analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 8.1%.
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