GRM Overseas saw a significant surge in its share price during Tuesday’s trading session. The share price opened on an upside at ₹179.90 per share and reached an intraday high of ₹189.90 per share on the NSE, marking an over 10 percent increase from Monday’s closing price of ₹171.46 per share. This rise comes as the company announced plans for a fundraise through a preferential issue of fresh shares.
The board of directors of this small-cap agri company is set to discuss the fundraise proposal in a meeting scheduled for June 22, 2024. The company communicated this development to the stock exchanges, stating, “A meeting of the Board of Directors of the Company will be held on Saturday, June 22, 2024, inter alia to consider and approve the proposal of raising funds by way of preferential issue of securities to persons belonging to the promoter/promoter group/non-promoter group category, subject to regulatory and statutory approvals, as well as shareholder approval.”
In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company’s Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the company’s securities for “Designated Persons” will remain closed from June 18, 2024, until 48 hours after the board meeting concludes, i.e., until June 24, 2024.
Recent Developments in GRM Overseas
GRM Overseas has recently been in the spotlight due to an increase in promoter stake. Last week, the company reported that one of its promoters, Atul Garg, had purchased an additional 0.12 percent of the company’s shares, totaling 73,000 shares. This purchase increased his net stake in the company to 72.28 percent, indicating strong confidence in the company’s future prospects.
The news of the fundraise and the increase in promoter stake have positively influenced investor sentiment, contributing to the significant rise in the company’s share price.
