RateGain Tech shares gain after firm announces Qualified Institutional Placement

RateGain Tech Share Price: Shares of RateGain Tech started the trading session on Tuesday (November 21) on a higher note after the company approved the allotment of shares through Qualified Institutional Buyers.

The stock of RateGain Tech was trading 1.13 per cent higher, or Rs 8.10, at Rs 725.95, at 9:37 am on Tuesday.

The company's shares have been performing well for some time as they hit a 52-week high of Rs 733 on Friday (November 17) and November 15 (Wednesday).   

What is RateGain Tech QIP plan?

RateGain Tech, which is a global provider of SaaS solutions in the hospitality and travel industry, on Monday announced the completion of a capital raise of Rs. 600 crores through a Qualified Institutional Placement (QIP) with support from QIB.

"The Fundraising committee of the Board of Directors approved the allotment of 9,331,259 shares at a price of Rs. 643 (Face value of Rs. 1 and premium of Rs. 642)," the company said in a statement on Monday. The floor price of the share is Rs 676.66/share.