Atul Auto's stock price up by more than 7% today

14 Oct 2022 , 01:27 PM

Atul Auto’s shares kept moving up, rising 12% to a 52-week high of Rs289.55 a share on Friday during intraday trading. The commercial vehicle company’s shares rose over the Rs270 all-time high it had previously reached on November 4, 2021.

The stock has increased by 54% over the last two weeks after the board authorised the preferential issuance of warrants valued at Rs115 crore to business promoters and non-promoters, including investor Vijay Kishanlal Kedia.

“The board authorised the issuance of up to 5.81 million warrants, each convertible into one equity share of the firm within a maximum of 18 months from the date of allocation, at a price of Rs198 per share. Vijay Kishanlal Kedia will receive 5.05 million warrants from the firm, while the promoters Jayantibhai Jagjivanbhai Chandra and Khushbu Auto Private Limited will each receive a total of 757,575 rights, according to a filing with the stock exchange by Atul Auto. According to statistics on ownership patterns as of June 30, 2022, Kedia Securities Private Limited owned 1.47 % in Atul Auto.

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