Mrs. Bectors Sets Floor Price For QIP At Rs 1,577.85 Apiece, Shares Rise To All Time High
The company is looking to raise Rs 400 crore through this issue.
Shares of Mrs Bectors Food Specialities Ltd. rose over 14% after it set the floor price for its qualified institutional placement at Rs 1,577.85 per share.
The issue will take place on Sept. 5, according to an exchange filing. The company is looking to raise Rs 400 crore through this issue, it said in June 2024. The biscuit manufacturer may offer a discount of not more than 5% on the floor price calculated for the issue.
The company's net profit rose 1.6% to Rs 35.43 crore in the first quarter of fiscal 2025, compared to Rs 34.85 crore in the same period last year. The revenue from operations in the quarter stood at Rs 439.4 crore in comparison to Rs 374.2 crore reported a year ago.
Shares of Mrs. Bectors rose as much as 14.61% during the day to touch a new record high, before paring gains closed 10.58% higher at Rs 1,784.00 per share. This compared to a 1.17% decline in the benchmark Nifty 50.
The stock has risen 78.08% in the last 12 months and 60.37% year-to-date.
Out of 10 analysts tracking the company, nine maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 78.6%.
