Vijay Kedia raises stake in this smallcap auto stock
Ace investor and Atul Auto Director Vijay Kedia has raised another 7.05 per cent stake in three-wheeler maker Atul Auto by converting warrants into equity shares. With this, Kedia’s stake in the smallcap auto stock has gone up to 8.43 per cent from 1.5 per cent held earlier.
The ace investor has acquired 16,83,502 equity shares of the auto company on 15 March, as per a regulatory filing.
Atul Auto had allotted 50,50,505 fully convertible warrants at a price of ₹198 per share to the value investor in October 2022. The warrants can be converted into equity shares within 18 months from the date of allotment.
Trendlyne put the average broker target on this scrip at ₹318.33, implying a 0.77(-) per cent downside.
Shares of Atul Auto closed 0.34 per cent lower at ₹321.95 apiece on the NSE on Friday. The market cap of the firm rose to ₹ ₹705 crore. The stock hit its 52 week high of ₹397.7 on 17 February, 2023 and 52 week low of ₹145.1 on 21 June, 2022.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.