Mid Cap Consumer Durables Stock Rises 15% On Launch Of Rs 1000 Cr QIP Issue

Shares of mid cap consumer durables sector company, Blue Star Ltd gained 15% intraday and hit new 52-week high after it launched the qualified institutional placement (QIP) issue on September 18 to raise Rs 1,000 crore. Current market capitalisation of Blue Star is Rs 17,721.76 crore. Current market price of Blue Star share is Rs 920.00 per share with intraday surge of 15.00%. The stock witnessed a spurt in volume by more than 26.15 times on Wednesday. Check details below:

Blue Star Shares Hit 52-Week High After Launching 1000 Cr QIP: The mid cap company on September 18, 2023 launched qualified institutions placement (QIP) offer with a floor price of Rs 784.55 per equity share. It is worth mentioning that the floor price was 2.04% lesser than Rs 800, closing price of Blue Star share as on Monday, September 18, 2023. Consideration the growth plans and ensuing capex needs of the Blue Star, the board of directors had given nod to raise funds via QIP to ensure a balanced and optimum capital structure. The company, at its discretion, may provide a discount of not more than 5% on the floor price.

According to the BSE filing, "The Issue price will be determined by the Company in consultation with the Book Running Lead Managers appointed for the Issue. Please note that the trading window will be closed with immediate effect until 48 hours after the date of allotment for the purpose of the Issue."

We also wish to inform you that a meeting of the Executive Management Committee is scheduled to be held on Friday, September 22, 2023, to consider and approve inter alia the Issue Price of the Equity Shares as permitted under the SEBI ICDR Regulations and pursuant to the approval of the shareholders of the Company accorded through their special resolution passed on Friday, September 15, 2023, for the Equity Shares to be allotted to Qualified Institutional Buyers pursuant to the Issue, added the regulatory filing of Blue Star.

Blue Star Stock Outlook & Return: Current market price of Blue Star stock is Rs 920.00 apiece on BSE. The stock opened at 818.35 per share, touched day's high of Rs 945.80 per share, and day's low of Rs 802.20 per share, respectively. The stock's 52-week high price is Rs 945.80 per share and 52-week low price is Rs 521.00 per share, respectively. Blue Star stock return of 20% in last 1-month, gained 25% in last 6-months, soared 65% in last 1-year, and offered return of 184% in last 3-years. In last 10-years, Blue Star shares surged 1118%.

Blue Star About: Blue Star is India's leading heating, ventilation, air conditioning and commercial refrigeration (hvac&r) company, with an annual revenue of over Rs 7977 crores (972 million USD), a network of 30 offices, 7 modern manufacturing facilities including the new state-of-the-art deep freezer facility at Wada, and Blue Star Climatech Limited's world-class facility at Sri City; 3132 employees, and 4040 channel partners. Blue Star's integrated business model of a manufacturer, contractor and after-sales service provider enables it to offer an end-to-end solution to its customers, which has proved to be a significant differentiator in the marketplace. In fact, every third commercial building in India has a Blue Star product installed, according to its official website.