Shares of IT company Blue Cloud Softech are locked in a 2 per cent upper circuit despite a sell-off in the Indian stock market. The counter opened in the green at Rs 32.14 against the previous close of Rs 31.51 on the BSE. This is a rise of 2 per cent from the previous close. The 52-week high of the stock is Rs 130.50, and the 52-week low is Rs 14.95. The market cap of the company is Rs 1,402.21. The stock has been gaining for the last 14 days and has risen 31.56 per cent in this period.
This is the fourteenth straight session when the stock has hit an upper circuit amid strong buying momentum.
Technically, it trades higher than the 5-day, 20-day, 50-day and 100-day moving averages but lower than the 200-day moving averages.
Company Announces Share-Swap Deal
The company has announced the date for its Extraordinary General Meeting (EGM) to approve the special resolution for the acquisition of global technology firm AIS Anywhere.
The company has also announced that it will acquire S AIS Anywhere by way of a swap of equity shares through preferential allotment. As per the information available, the company will allot up to 31.68 crore equity shares of the company with a face value of Re 1 per equity share at an issue price of Rs 23.06 per equity share. This includes a premium of Rs 22.06 per equity share, amounting to Rs 730.54 crore on a preferential allotment basis in lieu of the acquisition of their 100 per cent stake in the securities AIS Anywhere shares of the company.
In an exchange filing, the company said that Janaki Yarlagadda will receive 14 crore Blue Cloud shares and Siraj Holdings LLC will receive 17 crore shares.
The acquisition of shares is likely to be completed within 12 months from the date of the execution of the agreements.
Share Price History
The stock has given a multibagger return of 458 per cent in three years. However, it has corrected 70 per cent in one year and 31 per cent in six months.
