PTC Industries shares jump 3% on plan to raise ₹700 crore through QIP

In a meeting held on Friday, the company’s board of directors approved a proposal for raising of up to ₹700 crore through the QIP route.

The board also approved the constitution of a fund-raising committee for dealing with all matters pertaining to the fund-raising exercise.

PTC Industries said that it would also convene a shareholders’ meeting through the extraordinary general meeting to seek their approval on the QIP issue.

After the announcement, the PTC Industries stock gained as much as 3% in the opening trade to hit an intraday high of ₹14,990 apiece on the NSE. However, it soon erased all its gains to trade flat at ₹14,550, up 0.16%, by 1:00 pm.

PTC Industries has proven to be a multibagger stock, with the share price surging 121% year-to-date in 2024 and 262% in the past one year. The stock touched its record high of ₹15,702.10 last week on Wednesday, July 10, amid the buzz that the company was planning to raise fresh funds.

PTC Industries mainly operates in the aerospace and defence sector. It is a manufacturer of aerospace castings, industrial castings, titanium, and vacuum melt alloy castings. The latest shareholding data shows that ace investor Mukul Agrawal owns 1.67 lakh equity shares, or 1.2% stake in the company, worth more than ₹144.1 crore.