The stock of industrial machinery firm GEI Industrial Systems surged the maximum possible limit of 20 per cent to Rs 63.10 in early trade on Monday, after it allotted shares to private equities.
Last week, the company allotted 25 lakh equity shares to Aditya Birla Private Equity - Fund I and 54,668 equity shares to BanyanTree Growth Capital LLC of face value of Rs 10 each, at a premium of Rs 240 each, on a conversion of 5 per cent Cumulative Convertible Preference Share (CCPs). It also allotted 5 lakh equity shares of face value of Rs 10 each at a premium of Rs 240 each, upon conversion of Warrants to C. E. Fernandes (promoter).
At the end of September 30, 2012, the promoter’s holding in the company stood at 41.41 per cent, while foreign institutional investors and others, including retail investors, had an exposure of 13.79 per cent and 44.72 per cent respectively.
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