Stock Under Rs 120: This IT Stock Jumps Nearly 5% After Company Issues $10 Million FCCB

The shares of Kellton Tech Solutions Jumped up nearly 5% in intraday trade on wednesday after the IT firm informed exchanges that its board of directors has approved the issuance of foreign currency convertible bonds (FCCBs). At around 2:05 pm, the it stock was trading at Rs 114.66, up 2.48% from the previous day's closing price.

As compared to previous sessions's close of Rs 111.85 on the BSE, the stock opened in green at Rs 112.50. Later in trading houer, The scrip increased by 5% from the previous close to reach an intraday high of Rs 117.45. Meanwhile, the 52-week high of the IT stock was Rs 184.30, and its 52-week low was Rs 85.10. The company's market value is Rs 1,142.86.

"The Board of Directors of the Company, at its meeting held on May 13, 2025, has, inter alia, considered and approved the Issuance of U.S. $ 10,000,000 6.50% senior unsecured foreign currency convertible bonds due 2035 of Kellton Tech Solutions Limited ("FCCBs)," the company said in exchnage filling.

Also Read: Raymond Share Price: Stock Plunges 65% To Trade Below Rs 552; Here's Why

Additionally, on or around May 13, 2025, the board approved the Offering Circular. In accordance with the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993, as amended, they also set May 13, 2025, as the "Relevant Date" for the FCCB issue. As a result, Rs 107.00 has been established as the regulatory floor price for the conversion of these FCCBs.

In the meantime, the domestic stock indices saw a recovery in the Sensex and Nifty equity benchmark indices. Early trading saw the 30-share BSE benchmark gauge, Sensex, rise 281.43 points to 81,429.65. At 24,675, the NSE Nifty increased by 96.65 points.

The biggest winners among the Sensex companies were Tata Steel, Eternal, Bharti Airtel, Infosys, Mahindra & Mahindra, Tech Mahindra, Bajaj Finserv, and Reliance Industries.

Disclaimer: This story is just a piece of news about recent development in the stock. Jagran does not advise investing, please take expert's opinion before investing.