Sona Comstar sets QIP floor price at Rs 699.01 per share

Sona BLW Precision Forgings' (Sona Comstar’s) fundraising committee (FRC) on Wednesday set the floor price for its qualified institutional placement (QIP) at Rs 699.01 per equity share, a discount of 3% over Wednesday's closing price of Rs 721.50.

The issue opened on Wednesday, an exchange filing by the company said.

"The company may at its discretion offer a discount of not more than 5% on the floor price so calculated for the issue," the filing said.


The stock on Wednesday ended with gains of Rs 10.70 or 1.51% over the Tuesday closing price.

The board of directors of the company in its meeting held on July 24, 2024, had approved the QIP.

Sona Comstar is an Indian-origin, global automotive systems & components manufacturer with 10 plants spread across India, China, Mexico, and the US. The company is an automotive technology company, which designs, manufactures and supplies highly engineered, mission-critical automotive systems and components.

The shares of Sona Comstar have rallied 24% over the past one year and have underperformed the benchmark Nifty whose returns stand at 29% in the same period. The company's year-to-date returns are to the tune of 12%. The counter is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 684 and Rs 640, respectively, according to Trendlyne data.

Stock's MFI, a momentum indicator is hovering around 77-mark which is overbought. A number above 70 is considered as overbought while below 30 is seen as oversold.

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