On Tuesday, shares of Concord Control System surged by 5 per cent, hitting the upper circuit and closing at Rs 1,870.40. The sharp rise in share price followed the company's announcement that its board of directors had approved a proposal to issue 3,18,472 equity shares to the public (non-promoter) category on a preferential basis.
This move has drawn attention due to the involvement of prominent investors. Among the proposed allottees are Ashish Rameshchandra Kacholia, who has been offered 76,433 shares, representing a 1.21 per cent stake, and Asha Mukul Agrawal, wife of investor Mukul Agrawal, who is set to receive 95,542 shares, equating to a 1.52 per cent stake.
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Additionally, Mr Navin Agarwal and Mrs. Shital Navin Agawwal's Opuleny Advisors and Consultants LLP will be allotted 70,064 shares, representing a 1.11 per cent stake, while Everest Finance & Investment Co. is set to receive 76,433 shares, or a 1.21 per cent stake.
In May, Concord Control System announced the acquisition of a majority stake in Advanced Rail Controls Private Limited (Advanced Rail), a leading innovator in the railway sector. This strategic move is set to enhance Concord's portfolio by integrating Advanced Rail's cutting-edge technology and expertise. By bringing Advanced Rail into its fold, Concord aims to provide comprehensive solutions that cater to the evolving demands of railway operators across the globe.
Concord Control System's shares have been on an impressive upward trajectory, reflecting strong investor confidence. The company's stock has delivered substantial returns, with a 165.30 per cent gain in the last six months and a staggering 293.44 per cent increase over the past year. The 52-week high for the stock stands at Rs 1,870.40, with a low of Rs 470.
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