Zen Technologies Shares Hit Record High After Rs 1,000-Crore QIP
The company set a floor price of Rs 1,685.18 per share for the QIP.
Shares of Zen Technologies Ltd. touched an all-time high in early trade on Thursday after it launched a qualified institutional placement to raise up to Rs 1,000 crore. The company has set a floor price of Rs 1,685.18 per share for the QIP.
The floor price is at a discount of 5.4% to Wednesday's close on the NSE.
The board had given its approval for the fundraise on Jan. 27, and a special resolution was passed by members of the company by postal ballot on March 8.
Hyderabad-based Zen Tech designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence forces and provides counter-drone solutions.
Shares of Zen Tech advanced 4.6% to an all time high of Rs 1,865 apiece, before giving up gains to trade 0.4% lower at Rs 1,775.35 by 9:45 a.m. The benchmark NSE Nifty 50 was trading 0.26% higher.
The stock has risen 110% in the last 12 months and 128% on a year-to-date basis. The total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 68.
Both the analysts tracking Zen Tech have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.5%.
