Penny Stock Below Rs 20 Jumps Over 5%; Board Approves Rs 90 Crore QIP

Sagar / 01 Sep 2026 / Categories: Mindshare, Trending

Penny Stock Below Rs 20 Jumps Over 5%; Board Approves Rs 90 Crore QIP

Gravity India’s board has cleared a fund-raising plan of up to Rs 90 crore through a Qualified Institutions Placement, while also proposing to expand the company’s objects into data centres, cloud infrastructure and semiconductor-related businesses.

On Tuesday, Indian equity benchmark indices traded lower, with the benchmark Nifty 50 index falling 24.60 points (0.10 per cent) to 24,055.80. Amid the market movement, Gravity India share price rose 5.63 per cent to Rs 14.26 after the company’s board approved a proposal to raise up to Rs 90 crore through a Qualified Institutions Placement.

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The proposed fund raise will involve the issue of equity shares to eligible Qualified Institutional Buyers in one or more tranches. The pricing of the shares will be determined in accordance with applicable SEBI regulations.

Rs 90 Crore Fund Raise to Support Working Capital

Gravity India plans to use the proceeds primarily for its working capital requirements and general corporate purposes. The company has specified that the amount used for general corporate purposes will not exceed 25 per cent of the total funds raised through the QIP. The issue will require approval from shareholders as well as other regulatory and statutory authorities, wherever applicable.

The proposed issue can be completed within the timeline permitted under SEBI regulations after the necessary approvals are received.

Company Looks to Enter Digital and Semiconductor Businesses

Alongside the fund-raising plan, the board has also approved a proposal to alter the company’s Main Objects Clause. Gravity India intends to add activities related to Information Technology, data centres, data storage, data processing, cloud infrastructure and allied digital infrastructure. The proposed expansion also covers semiconductor and semiconductor-related businesses. The change is subject to shareholder approval through a special resolution and other applicable approvals.

The combination of a fresh capital raise and expansion into technology-led business areas was the key development from the board meeting held on September 1, 2026.

The board also scheduled the company’s 39th Annual General Meeting for September 25, 2026. The record date has been fixed as September 18, while the book closure period will run from September 19 to September 25, 2026.
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Disclaimer: The article is for informational purposes only and not investment advice.