Celebrity Fashions is in the limelight

Celebrity Fashions is in the limelight today. The stock briefly breached the 20% UC at Rs.12.46 and remains 19.5% up at Rs.12.41 levels. Volumes have jumped up over 28 times. Its 52-week high is at Rs.15.90.

The company’s Board had met on the 4^th of March and issued and allotted 30,67,484 equity shares and 56,96,756 convertible warrants at a price of Rs.11.41/security on a preferential basis to the promoters.

The company said that it has received an upfront payment of 25% of total consideration of convertible warrants.

At end of Q3FY17, the two promoters who are being given the preferential allotment, Rama Rajagopal and Venkatesh Rajagopal were holding 12.93% and 24.72% stake respectively.