Over 9% gain in 1 day! Investors cheer PVR after Rs300cr 'Rights Issue' oversubscribes by 2.24 times

PVR received an application for approximately 85.29 lakh shares amounting to Rs672cr.

Aug 12, 2020 01:08 IST India Infoline News Service

The Gurugram-headquartered PVR witnessed huge buying sentiment on Wednesday after its rights issue oversubscribed by 2.24 times. On Sensex, PVR stock has advanced by over 9% with an intraday high of Rs1228.70 per piece in early deals.

PVR's rights issue size involved 38.23 lakh shares aggregating to Rs300cr. The company launched the issue for subscription on July 17 and was available till July 31, 2020.

In comparison to the total issue size, PVR received an application for approximately 85.29 lakh shares amounting to Rs672cr.

PVR had set Rs784 per equity share as the issue price.

Notably, the company's promoters like Ajay Bijli and Sanjeev Kumar were also among the participants in the issue. The duo applied for shares more than their the company's entitlement in the rights issue.

At around 1.21 pm, PVR stock has corrected and was trading at Rs1198 per piece surging by 6.62% on Sensex. However, the stock opened lower at Rs1122 per piece on Sensex, compared to the previous closing price level of Rs1123.65 per piece. 

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