Alstom T&D rallies over 4% on fund raising plans via IPP

MUMBAI: Shares of Alstom T&D India gained momentum and rallied as much as 4.5 per cent in morning trade on Thursday, after it announced plans to raise Rs 294 crore through sale of shares to institutional investors on November 29.

The company will offer upto 1.69 crore shares to qualified institutional buyers via IPP. The price band for share issue is at Rs 159-174 per share.

The Issue opening and closing date is November 29.

This is part of company's effort to meet market regulator SEBI's norm of minimum 25 per cent public shareholding in the private sector listed companies.

The company has appointed ICICI Securities as the book running lead manager to the issue.

At 09:25 a.m.; the stock was at Rs 171.90, up 3.90 per cent, on the BSE. It touched a high of Rs 172.95 and a low of Rs 167.45 in trade today.