Raymond shares jump 22% in 2 days to hit fresh high; stock up 56% this month so far

According to fresh market updates, Raymond shares jumped 22 percent in two trading sessions, hitting a fresh 52-week high on Friday.

The stock hit a 20 percent upper circuit briefly to touch a fresh high of Rs 1,024.50 per share on the NSE.

So far this month, the stock has advanced 56 percent.

The buying momentum comes after the firm informed the bourses around a fundraise through a preferential offering of share warrants.

The fundraise will be executed through the issuance of 33,28,686 convertible warrants for cash at an offering price of Rs 645 per warrant, including a premium of Rs 635 per warrant. The offering will aggregate up to around Rs 214.71 crore.

The warrants will be allotted on a preferential basis through private placement to Minerva Ventures Fund. The issuance is subject to the approval of the firm's members and other applicable statutory and regulatory approvals.

The firm informed the bourses around the fundraise on September 8. The stock declined nearly 6 percent the following day.

That stated, buying interest emerged from Thursday, with the stock hitting a fresh high on Friday.