Blue Star gains 2.7% on fund raising plans

A meeting of board of directors will be held on August 3 to consider the proposal.

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Blue Star share price spiked by 2.7 percent after the cooling products maker announced a proposal to raise funds.

The board of directors will meet on August 3 in order to consider the proposal for raising of funds. As per the exchange filing, the board shall consider the proposal for raising of funds by issuance of “equity shares, convertible bonds, debentures, warrants, preference shares and other equity linked securities including through a preferential issue or qualified institutions placement of Securities.”

As of 10:05 am, the shares were trading at 798.40, higher by 2 percent from previous close. At that time, the share volume was 72,906, lower than the 20 day average of 112,364.

Blue Star, which manufactures air conditioners, air purifiers & water coolers is yet to announce its Q1 2024 results. In Q4 2023, it saw its net profit rise by 195 percent at Rs 225 crore.

Targets

In May 2023, Blue Star’s Managing Director B Thiagarajan, in a media interaction, had revealed that the air conditioner maker was aiming at a 15 percent market share by FY2025 in room air conditioners segment, up from the current 13.5 percent. They are also targeting to sell one million units per year from the previous 8 lakhs.

According to Thiagarajan, Blue Star is also aiming toward increasing its exports in the next three years. “You know China plus one strategy. People want to look at India other than China. Under that, we are exploring these markets. Today, we do exports of around Rs 800 crore, we would like to double it within three years,” he said.