The shares of Greenlam Industries Ltd gained focus on Monday after the company’s Board of Directors approved a ₹195 crore fundraise by issuing up to 63 lakh equity shares on a preferential basis to a qualified institutional buyer.

At 11:14 am, Greenlam Industries was trading at ₹321.20 on the BSE, up ₹22.95 or 7.69 per cent. It had opened at ₹296.90 as against the previous close of ₹298.25. It recorded an intraday high of ₹331.15 and a low of ₹286.90.

On the NSE, it was trading at ₹321.60, up ₹23.05 or 7.72 per cent.

The Board of Directors of the company, at its meeting on June 20 approved the issuance of up to 63,10,680  equity shares of the company to Smiti Holding and Trading Company Private Limited on a preferential basis at ₹309 per share aggregating to ₹1,95,00,00,120, the company said in a regulatory filing.

Smiti Holding and Trading Company Private Limited is a 100 per cent owned by Jalaj Ashwin Dani and Vita Jalaj Dani, and is a qualified institutional buyer 

“The Preferential issue will be subject to customary closing conditions between the Investor and the Company,” it said.