Heavy engineering and project execution company Walchandnagar Industries Ltd shares rallied 5% to hit the upper circuit for a fifth session in a row on Monday after ace investor Ashish Kacholia participated in the recent warrants issue by the firm.

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Rising for a seventh straight session in a row, Walchandnagar Industries shares spurted further by nearly 5% to hit the upper circuit at ₹131.70 apiece on BSE in morning deals.

The stock also reached the upper circuit at ₹125.45 on Friday after the company’s board approved the issue of up to 2.17 crore share warrants, fully convertible, to 33 entities, including promoters and non-promoter entities such as Ashish Kacholia.

The company raised around ₹247.58 crore through the share warrants issue.

Previously, the stock hit the upper circuit at ₹123 on October 5, ₹120.60 on October 4 and at ₹118.25 on October 4.

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Shares have been on a gaining streak since September 28 and have risen by more than 21% since then.

On October 6, Ashish Kacholia was allotted 17,45,385 shares/warrants at a price of ₹114 per share aggregating to ₹19.89 crore.

Promoter group entities infused around ₹62 crore into the company through the warrants issue while non-promoter investors infused around ₹186 crore into the company.

The warrants issued can be converted or are exchangeable at the option of investor, within a maximum period of 18 months from the date of allotment of warrants into the equivalent number of fully paid up equity shares of the company of face value of ₹2.

Walchandnagar Industries is a heavy engineering company with a presence in strategic sectors like defence, nuclear and aerospace and industrial products like gears, centrifugals, castings and gauges. It has a presence in Oil and Gas, Railways and in EPC sectors through its offerings for Sugar Plants, Co–Generation Boilers and Cement Plants.

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(Edited by : Asmita Pant)