Ashish Kacholia Acquires Significant Stake in Saakshi Medtech & Panels Ltd

Ashish Kacholia Acquires Significant Stake in Saakshi Medtech & Panels Ltd

VoM News Desk | October 10, 2023 | 11:25 AM IST | Breaking News | Follow on Google News

Ashish Kacholia Acquires Significant Stake in Saakshi Medtech & Panels Ltd

Ashish Kacholia Acquires Significant Stake in Saakshi Medtech & Panels Ltd

Ace investor Ashish Kacholia has made a noteworthy investment in the recently listed SME company Saakshi Medtech & Panels Ltd. Kacholia purchased 6,22,800 shares of the SME company through a block deal, with an average price of ₹167.01 per share on October 9. The total value of the deal amounts to ₹10.4 crore.

In a parallel transaction, Hem Finlease sold 6,20,400 shares of Saakshi Medtech & Panels Ltd at an average price of ₹167 per share.

Saakshi Medtech & Panels Ltd made a spectacular debut on Dalal Street on October 3, with its shares being listed at ₹146 apiece on the NSE SME segment. This marked a premium of 50.5% over the issue price of ₹97.

The stock has exhibited impressive performance since its listing, currently trading at a 5% upper circuit at ₹177.05 apiece on NSE SME.

Saakshi Medtech & Panels Ltd successfully raised ₹45.16 crore through its initial public offering (IPO), which was open for subscription from September 25 to September 27. The IPO comprised an entirely fresh issue of 46.56 lakh shares at a price band of ₹92-97 per share.

The overwhelming response from investors was reflected in the IPO’s subscription figures, with an overall subscription rate of 91.65 times. The retail category witnessed a subscription of 75.88 times, while the Qualified Institutional Buyers (QIB) category and Non-Institutional Investors (NII) category were subscribed at rates of 37.35 times and 200.78 times, respectively.

Saakshi Medtech and Panels specializes in the manufacturing of electrical control panels and cabinets, including microcontrollers, programmable logic controllers, and SCADA systems. These products find applications in various industries such as elevators, air compressors, renewable energy, electrical vehicle charging stations, and more.

As of the latest trading session, Saakshi Medtech & Panels Ltd shares opened at the 5% upper circuit limit at ₹185.9 apiece on the NSE SME segment.

VoM News Desk

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