Tata Fund Picking Up 10% Stake Sends This Micro Cap Stock To The Moon

Shares of Sakar Healthcare rocketed up 20% on Friday to hit a new 52-week high of ₹324.65.

What Happened: The surge in the microcap stock comes today as the company announced that its board approve the execution of a share subscription agreement with Tata Healthcare Fund II.

The agreement would see the Tata fund being allotted up to 10.82% or 23.09 lakh shares of the company at ₹259.75 per share. The issue price is around a 4% discount from the stock’s last closing price of ₹270.55. The total deal value is around ₹60 crore.

The announcement sent the share of the company soaring on Friday. The stock has been on a steep climb at the bourses for the past years giving multi-bagger returns to investors. In the past five years, the stock has gone up over 400%. On a year-to-date basis, the stock is up 38%.

Price Action: Sakar Healthcare’s share price was up 20% to hit upper circuit at ₹324.65 on Friday.

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Posted In: NewsContractsMoversTrading IdeasSakar HealthcareTata GroupTata Healthcare Fund