Shares of ASM Technologies surged sharply on Wednesday, climbing as much as 10% to touch an all-time high of ₹6,990. The rally came after the company’s board approved a ₹525.99-crore preferential issue, with four non-promoter investors set to receive shares, including entities associated with Avenue Supermarts promoter Radhakishan Damani and investor Mukul Agrawal.
The board has cleared the preferential allotment of up to 10.78 lakh equity shares, each having a face value of ₹10, at an issue price of ₹4,875 per share. The proposed issue will raise ₹525.99 crore, according to the company’s exchange filing. The board’s approval covers 10,78,974 equity shares and the issue is subject to the required shareholder approval.
The proposed allottees comprise SBI Mutual Fund through its various schemes, SBI Emergent India Fund, a scheme of SBI Alternate Equity Fund, Derive Trading and Resorts Pvt Ltd and Asha Mukul Agrawal. All four are classified as non-promoter investors.
Among the proposed investors, Derive Trading and Resorts Pvt Ltd is associated with Avenue Supermarts promoter and Dalal Street veteran Radhakishan Damani. The preferential issue also brings Asha Mukul Agrawal into the spotlight, with her investment coming after Mukul Agrawal already held a 10.28% stake in ASM Technologies.
The proposed allotment will significantly add new institutional and non-promoter ownership to the company. SBI Mutual Fund, through its various schemes, will receive 8,22,564 shares, translating into a 5.25% post-issue stake. SBI Emergent India Fund will be allotted 1,02,564 shares and will hold 0.65% after the issue. Derive Trading and Resorts Pvt Ltd will also receive 1,02,564 shares and hold 0.65%.