Geojit Financial Services stock rose over 3% on Friday after board of the investment services firm approved a rights issue of shares on Thursday. The company will offer equity shares to eligible shareholders at a price of Rs 50 per share, including a premium of Rs 49 over the face value of Rs 1.It aims to raise Rs 200 crore via the share sale.
Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala owned 1.72 crore shares or 7.20% stake in the firm at the end of the June 2024 quarter.
In the current session, the Geojit Financial stock gained 3.37% to Rs 157.85 against the previous close of Rs 152.70 on BSE. Market cap of the firm rose to Rs 3,695.98 crore.
Total 1.63 lakh shares of the firm changed hands amounting to a turnover of Rs 2.5 crore on BSE.
Geojit Financial stock have a one-year beta of 1.2, indicating high volatility during the period. In terms of technicals, the relative strength index (RSI) of Geojit Financial stands at 56.5, signaling it's trading neither in the overbought nor in the oversold zone. Geojit Financial shares are trading higher than the 20 day, 30 day, 50 day, 100 day, 150 day, 200 day but lower than 5 day and 10 day moving averages.
The board of the investment services firm fixed the rights entitlement ratio at one equity share for every six shares held as of the record date, representing a ratio of 1:6, the company said in an exchange filing.
The rights issue disclosure follows an earlier announcement made on July 13, 2024, regarding the proposed issue of equity shares on a rights basis.
Geojit Financial Services Limited is an India-based investment services company, with a presence in the Gulf Cooperation Council (GCC). The company provides a full range of investment solutions. Its products and services include portfolio management services (PMS), financial planning services, broking services, distribution of investment products and insurance products, and a hybrid access model.