GRM Overseas Share Surge
On Tuesday, GRM Overseas shares surge 10%. The shares opened with an upside gap at ₹179.90 per share and reached an intraday high of ₹189.90 per share on the NSE, marking a rise of more than 10 percent from Monday’s closing price of ₹171.46 per share. This surge is noteworthy for the small-cap agri company’s market performance.
Fundraising Announcement
GRM Overseas has announced its intention to raise funds by issuing fresh shares preferentially. The company’s board has scheduled a meeting on Saturday, June 22, 2024, to consider and approve the proposal. The proposed fundraising will involve issuing securities to individuals belonging to the promoter/promoter group as well as non-promoter groups, subject to necessary regulatory and shareholder approvals.
Insider Trading Regulations
In line with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company’s own Code of Conduct for Prevention of Insider Trading, the trading window for the company’s “Designated Persons” will remain closed from June 18, 2024, until 48 hours after the board meeting’s conclusion, i.e., until June 24, 2024.
Promoter Stake Increase
Recently, GRM Overseas has been in the news due to one of its promoters increasing his stake in the company. Atul Garg, a company promoter, purchased an additional 0.12 percent of the company’s shares, buying 73,000 shares last Monday. This acquisition raises his total stake in the company to 72.28 percent, demonstrating his confidence in the company’s future prospects.
Conclusion
GRM Overseas is currently experiencing significant positive momentum in its share price, backed by strategic fundraising plans and strong promoter confidence. The upcoming board meeting and the recent increase in promoter stake are key developments that investors and market watchers will be keenly observing.
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