Vishal Fabrics share price jumped over 4% on Wednesday after Mauritius-based foreign institutional investor (FII) Elysian Wealth Fund raised its stake in the company through a preferential allotment.
The small-cap stock rallied as much as 4.64% to ₹36.94 apiece on the BSE.
Elysian Wealth Fund (formerly known as Silver Stallion Ltd) was allotted 80,67,176 equity shares of Vishal Fabrics, aggregating to 3.71% stake in the company, following the conversion of warrants, according to a stock exchange filing.
The fund earlier held 69,32,824 Vishal Fabrics shares, or 3.31% stake in the company. With the latest acquisition, the FII’s shareholding in Vishal Fabrics has increased to 6.89% of the company’s paid-up equity capital, holding 1.50 crore shares.
The acquisition was executed via preferential allotment of equity shares with a face value of ₹5 each. Following the allotment, Vishal Fabrics’ equity base expanded to ₹108.8 crore, comprising 21.76 crore shares.
Vishal Fabrics Share Price Performance
Vishal Fabrics share price has fallen 1% in one month, but the small-cap stock has rallied 23% in three months, and 30% in six months. Vishal Fabrics shares have gained 3% in one year and have delivered multibagger returns of 135% in two years.
At 10:10 AM, Vishal Fabrics share price was trading 1.64% higher at ₹35.88 apiece on the BSE.