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The company intends to use the net proceeds from the issue towards the repayment/prepayment of certain outstanding borrowings, funding the working capital requirements of the company and its subsidiary Buildmex-Infra, purchase of partial shareholding from existing shareholders of its subsidiary ArisUnitern Re-Solutions and other general corporate purposes.

Despite strong Q1 results, PSU bank stocks have fallen nearly 6% over the past month due to valuation concerns. Experts predict stock-specific action rather than a broad rally. While SBI posted a modest 1% YoY profit increase, other public lenders like PNB, Uco Bank, and CBI reported impressive double-digit growth.

A total of 86,234 shares changed hands on the counter till 01:55PM (IST)

Eligible shareholders can now participate in the buyback. The settlement of bids will be completed on or before August 28. Small shareholders are entitled to receive one equity share for every 4 shares they held as of the record date. For general category shareholders, the buyback entitlement ratio is 5 equity shares for every 139 shares held on the record date.

This indicates that more traders are anticipating a price decline and are therefore creating short positions.

The number of active investors on the National Stock Exchange (NSE) has surged by 13.9 per cent month-on-month, reaching 1.5 crore in June. This increase marks the third consecutive month of growth in active market users.

Promoters held 30.3 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 15.08 per cent and 25.34 per cent, respectively.

The Nikkei share average increased by 0.6%, marking its third straight day of advancement, after reports that Prime Minister Fumio Kishida will step down. The Topix index rose by 1.1%. Positive sentiment was buoyed by U.S. producer prices data suggesting a potential rate cut and ahead of crucial U.S. inflation data.