ACME Solar Share Price Surges 3% Following QIP Launch with Floor Price of ₹294.13
ACME Solar Holdings Sees 3% Rise in Share Price Following QIP Announcement
ACME Solar Holdings, a leading renewable energy company, witnessed a significant surge in its share price on Tuesday, 2 June, after announcing the launch of its Qualified Institutional Placement (QIP). The stock price rose by more than 3% as investors reacted positively to the news.
Key Details of QIP
| Details | |
|---|---|
| Floor Price | ₹294.13 per share |
| Discount | 4.16% to Tuesday's closing price of ₹306.90 per share |
| Maximum Additional Discount | Up to 5% on the floor price, as per regulatory norms |
| Fundraising Goal | Up to ₹2,800 crore |
| Base Size | ₹2,600 crore |
| Greenshoe Option | ₹200 crore |
The QIP launch aims to raise capital from institutional investors as the company continues to expand its renewable energy portfolio. Investor sentiment remained positive following the announcement, helping the stock outperform the broader market on Tuesday. According to reports, ACME Solar Holdings plans to raise up to ₹2,800 crore through its QIP, comprising a base size of ₹2,600 crore along with a greenshoe option of ₹200 crore.
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The proceeds from the proposed fundraise are slated for debt repayment and general corporate purposes. The share price of ACME Solar Holdings opened at ₹306.40 per share on the BSE, touched an intraday high of ₹333.50, and an intraday low of ₹296.35 per share.
Technical analysts are optimistic about the stock's future performance. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, stated that ACME Solar has witnessed a strong technical breakout after an initial weak start to the session. He expects the price to potentially move towards ₹360 over the next couple of months, with the ₹320– ₹310 zone likely to act as a strong support area.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, believes ACME Solar's chart structure remains firmly bullish following a key breakout. Momentum indicators continue to support the uptrend, with the Relative Strength Index (RSI) trending higher and remaining above 60 across both timeframes, reflecting healthy buying interest. The stock is trading comfortably above its key short- and long-term moving averages, underscoring the strength of the prevailing trend.
Investor Takeaway
Investors should consider the potential for further growth in the renewable energy sector.
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