ASM Tech shares rally 10% to record high as Radhakishan Damani, Mukul Agrawal join Rs 526-crore preferential issue

ASM Technologies share price rallied sharply on Wednesday to hit a record high after the company approved a Rs 526-crore preferential issue involving entities linked to Radhakishan Damani and Mukul Agrawal. The engineering services firm will issue 10.78 lakh shares at Rs 4,875 apiece, while existing investors will gain fresh exposure. The move is expected to boost the company's market capitalization. The shares have gained over 10% in the wake of the announcement, making it a record high. The preferential issue is part of the company's plan to raise funds for future growth. The issue is open to investors, including institutional investors and the public. The company has received a significant amount of interest from investors, with many institutional investors participating in the issue. The preferential issue is expected to be oversubscribed. The company's board of directors has approved the issue, and the shares are expected to be listed on the BSE and NSE. The move is seen as a positive development for the company's future growth prospects. The company's shares have been volatile in recent times, but the preferential issue is expected to provide a much-needed boost to the stock. The company's management team is confident about the issue's success, citing strong demand from investors. The company's shares have gained significantly in the past few days, with the stock price rising by over 20% in the past week alone. The preferential issue is expected to be completed within the next few weeks, with the company expecting to raise the majority of the funds needed. The company's shares are expected to be listed on the BSE and NSE within the next few weeks, marking a significant milestone for the company. The move is seen as a major development for the company's future growth prospects, with many analysts expecting the company's shares to continue rising in the coming months.