Buzzing Stock: Shares of this logistic company hit a fresh all-time high in a weak market; do you own it?
The scrip has surged more than 50 per cent over the last six months
On Monday, the shares of Lancer Container Lines Ltd rallied 3.74 per cent during the early market hours to record a fresh all-time high of Rs 335 per share on NSE. The scrip has surged more than 50 per cent over the last six months.
Lancer Container Lines is one of the leading integrated logistics solution providers in India. The company offers diverse solutions that enable its clients to use its organised network and optimise the cost, performance & efficiency of its operations, which shortens the lead time to the market.
The organisation has strong associates in India and Indian subcontinent, South East Asia, Far East, MENA region, and CIS Countries. Its clientele includes JSW Steel, Reliance Industries, Viraj Profiles, etc.
On August 12, 2022, the company had allotted 0 per cent unsecured foreign currency convertible bonds (FCCBs) of USD 1,00,000 each, for an aggregate value of USD 30 million (subject to green shoe option/FCCB option for an additional USD 15 million), with the option to the holders thereof to convert such FCCBs into equity shares of 10 each fully-paid at a conversion price of Rs 250 per share, subject to the terms & conditions specified in the offering memorandum.
The company recently informed the exchange that the committee of the board at its meeting held on September 27, 2022, has considered, approved & giving their consent to their trustee/allottee’s trustee, as the allottee wants to exercise the option of conversion of FCCBs of USD 2 million.
Watch out for this buzzing logistic stock in the upcoming trading sessions!