Valuemart Retail Solutions to raise Rs.10 Crores through Preferential issue

Valuemart Retail Solutions LImited has announced plans to raise Rs.10 crores through a preferential issue of shares to its promoters and other strategic investors. The company plans to issue 20,00,000 equity shares at a price of Rs.50 per share (comprising nominal value of Rs.10 and premium of Rs.40 per share) to raise Rs.10 crores.

The funds raised from the preferential issue will be used to extend its national footprint in the Travel and Hospitality sectors by setting up offices and travel lounges across the country. This will enable the company to increase its turnover and profitability.

The stock was trading at Rs.43.40, up by Rs.2.05. The stock hit an intraday high of Rs.43.40 and low of Rs.43.40.

The total traded quantity was 100 compared to 2 week average of 220.

Source : Equity Bulls

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