Penny stock under ₹1, GACM Technologies, hit the 5% upper circuit on Thursday, July 10, after the company board at its meeting a day ago approved raising ₹200 crore via a qualified institutional placement (QIP). Additionally, the penny stock’s board approved its financial results for the June 2025 quarter of the ongoing fiscal year (Q1 FY26).
GACM Technologies’ share price opened at ₹0.83 apiece, slightly lower than its last close of ₹0.85, but soon touched the intraday high of ₹0.89, which is also its 5% upper price band.
GACM Technologies QIP Details
GACM Technologies in an exchange filing dated July 9 said that the board approved raising of funds by way of issuance of such number of equity shares having a face value of ₹ 1 each of the company and/or other eligible securities for an aggregate amount not exceeding ₹ 200 crore or an equivalent amount thereof by way of Qualified Institutional Placement in accordance with the applicable laws, in one or more tranches.
The penny stock under ₹1 added that the said ₹200 crore QIP issue is subject to the approval of the members of the company at the ensuing Annual General Meeting (AGM)/.
