Palred Technologies, which owns and operates mobile accessories e-tailer LatestOne.com, was among the top gainers on stock markets on Tuesday. The stock zoomed almost 10 percent to hit a fresh 52-week high of Rs 165.35 and has gained 52 percent in four days, in response to the company deciding to allot shares at a premium to a clutch of investors.
In a regulatory filing to the BSE on Monday, the company had said that it will be raising Rs 22 crore by way of preferential allotment of shares at a premium of Rs 145 apiece to existing and new investors.
"Florintree led and advised investors are the lead participants in this round of preferential allotment. The investors include Mathew Cyriac (former Co-Head of Blackstone India Private Equity Business), Chidambaram Palaniappan (founder of Florintree), K. Madhavan (Joint Managing Director of Star TV India) and Bharat Sheth (Managing Director of Great Eastern Shipping). Ashish Dhawan, founder of Chryscapital and an existing investor for over ten years, is participating in this financing round apart from another existing investor, Passage to India Master Fund," the company said in its filing.
For the quarter ended December 2016, the company had incurred a net loss of Rs 182.79 lakh on total revenues of Rs 887.24 lakh.
Palred Technologies said the fund infusion was aimed at driving growth. "The funding will be used for accelerating our growth through investments in additional fulfilment centers, brand building, inventory, building b2b channels and developing the managed market place further," Palem Srikanth Reddy, chairman of the company, said in a statement.
