Shares of Zaggle slumped as much as 4.9% reaching INR 533.30 during the intraday trading session today (December 19) after the company opened its qualified institutional placement (QIP) offer to raise INR 950 Cr.
While the stock opened today’s trading session down 3.81% lower at INR 539.95, it was trading at INR 539.00 at 10:37 AM.
By 10:37 AM, the company’s market capitalisation stood at INR 6,633.14 Cr and as many as 4.26 Lakh shares were traded till then.
In the yesterday’s (December 18) announcement, the floor price for the QIP was declared at INR 550.73 per equity share which was a discount of 1.8% from Zaggle’s last closing price of INR 561.35.
Zaggle’s downturn in today’s trading following QIP opening yesterday can be attributed to investors’ dilution concerns. With this 950 Cr QIP,…
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