Force Motors share rises 3% on fund raising via NCDs

Force Motors share rose 3% on Tuesday after the company board approved to raise up to Rs 500 crore via NCDs.

As per the company filing, the board of directors in its meeting held on January 11 approved issuance of non-convertible debentures (NCDs), up to Rs 500 crore, through private placement in one or more tranches.

The said issue is subject to the necessary approvals of the shareholders of the company, the filling added.

Following the news, the stock of Force Motors opened at previous close of Rs 1376.70, also its intraday low. Later, Force Motors stock gained 10% to hit the day's high of Rs 1467.80 on BSE.

Market capitalisation of Force Motors stood at Rs 1,848.20 crore as of today's session. The stock has touched a 52-week high of Rs 1,559.50 and a 52-week low of Rs 580. Force Motors share, with Rs 10 face value, has risen 2% in the one week and 21% in one year.

The stock fell 0.47% last month. Year-to-date, the stock has risen 4%. Force Motors share price is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock closed 3.01% higher at Rs 1,418.10 on BSE.

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