Summary
Share News: On Monday, the company’s shares increased by half per cent and closed at Rs 800.
This company is Blue Star. Blue Star Limited is an MNC i.e. multinational (whose business is spread in many countries) company. The headquarters of the company is in Mumbai. It is specialist in air conditioning, commercial refrigerators and MEP. It is the second largest domestic company in the country in the air conditioning sector.
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The company has made a big announcement after the market closed. The QIP of the company has opened. It is raising money through QIP i.e. qualified institutional placement. Companies use QIP to raise funds from the domestic market. QIP does not require approval from the market regulator i.e. SEBI.
The floor price of BLUE STAR QIP is Rs 784.55 per share. Let us tell you that through QIP, shares can be issued to insurance companies and financial institutions. Shares can also be issued to foreign institutional investors and venture capital funds. QIP companies have an easy and economical way to raise money. Investors also benefit from better share pricing.
There are preparations to raise Rs 1000 crore. The promoters are preparing to sell 1.3 crore shares i.e. 6.32% stake.
To please the investors, the company had given one bonus share on July 21, 2023. Also, during that time the company gave a dividend of Rs 6 per share. A year ago, the company had given a dividend of Rs 10 per share on July 21, 2022.