Mumbai, August 21: Shares of GACM Technologies Limited, a penny stock, reached upper circuit after the company raised ₹49.50 crores through a Qualified Institutional Placement (QIP). The micro cap technology firm has been widely admired by the markets recently, as it has given an almost 90% return in the past six months.
With this QIP, GACM Technologies’ total paid up equity share capital reaches 159.77 crore shares from 110.27 crore shares, as it has allotted equity shares of ₹1 each. The shares were issued at about 49% premium, over the floor price of ₹0.67 per share, with Mauritius-based Minerva Ventures Fund acquiring 14.50 crore shares or a majority 9.08% of the total QIP.
| QIP Allotee | Shares Allotted | Share of QIP |
| Minerva Ventures Fund | 14.50 Cr | 9.08% |
| Magnifica Global Opportunities VCC – MGO High Conviction Fund | 14.00 Cr | 8.76% |
| Al Maha Investment Fund PCC – Onyx Strategy | 10.50 Cr | 6.57% |
| Ebisu Global Opportunities Fund | 10.50 Cr | 6.57% |
| Total | 49.50 Cr | 30.98% |
“We are pleased to announce the successful completion of our Qualified Institutions Placement. The strong participation from institutional investors reflects their confidence in our business strategy, growth prospects and long-term vision. The capital raised will further strengthen our financial position and provide us with the necessary resources to pursue our strategic initiatives and create sustainable long-term value for all our stakeholders.” the company said in a regulatory filing.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in stocks includes financial risks, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
