This acquisition follows a shareholders meeting on September 12, 2024, where shareholders approved the issuance of equity shares on a preferential basis.
On October 8, 2024, the Board of Directors of V-Marc India convened and approved the allotment of 16,35,000 equity shares, each valued at Rs 10. The issue price for these shares is Rs 286.44, resulting in an aggregate value of approximately Rs 46.83 crore.
The newly issued shares will rank pari-passu with the existing equity shares of the company. V-Marc has already received in-principle approval from the National Stock Exchange of India (NSE) for this preferential share issue on October 1, 2024. An application for formal listing approval for the newly allotted shares will be submitted in due course.
Following the update, V-Marc shares surged 4.2% to Rs 422.7 in Tuesday’s trade on the BSE.
In terms of technical indicators, the stock’s relative strength index (RSI) is at 50.3, which means it is in a balanced state, neither in an overbought condition nor in an oversold condition.The moving average convergence divergence (MACD) is at 10.8. This means the stock’s momentum is positive since it’s above the center line, but it’s below the signal line, suggesting that the stock’s upward momentum may be slowing down.Additionally, the stock price is currently higher than its average prices over various times, including the last 5, 10, 20, 30, 50, 100, 150, and 200 days. This indicates a consistent upward trend over both short and long-term periods.
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