Centum Electronics shares rally up to 19%, extending gains for a second day after fund raise

Centum Electronics

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Shares of Centum Electronics rallied up to 19 percent, extending gains for a second day on March 18 on trading volumes higher than its 10-day average, after raising Rs 210 crore through a qualified institutional placement (QIP).

The stock has made significant recovery after hitting a 52-week low of Rs 1,140 per share on March 4. The upmove on March 18 follows a 5 percent surge a day ago after the announcement by the company regarding the fund raise.

Prashant Jain's 3P India Equity Fund too had acquired 3.52 percent stake (over 5.17 lakh equity shares) in Centum Electronics by participating in the QIP, taking its total shareholding in the company to 5.47 percent.

Centum Electronics said the QIP comprised 18.10 lakh shares at an issue price of Rs 1,160 per equity shares. This is a discount of nearly Rs 60 from the floor price of Rs 1,220 per share.

HDFC Mutual Fund, Subhkam Ventures and 3P India Equity Fund were the major players who took part in the QIP. Notably, HDFC Mutual Fund bought nearly 33 percent of the total shares offered as part of the QIP.

Earlier while announcing the QIP, the electronics system design and manufacturing company said it intends to 'delivering complete systems to the armed services', and is executing large projects. "We are actively working on large system-level opportunities in collaboration with our technology partners," an exchange filing said.