RateGain stock fluctuates after Societe Generale stake sale

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RateGain stock fluctuates after Societe Generale stake sale
Credit: © Reuters.

MUMBAI - RateGain Travel Technologies Ltd's stock experienced fluctuations following a recent equity stake sale by Societe Generale (OTC: SCGLY ). The French multinational bank divested a 0.5% stake in the SaaS company at ₹663.74 per share, totaling ₹40.88 crore, to undisclosed buyers. This transaction occurred on Thursday and was reflected in today's market activity.

The company's shares opened at ₹671.55 on the Bombay Stock Exchange (BSE) today but later dipped to ₹657.80 before marginally recovering to ₹660.70 by mid-morning. The slight uptick followed Thursday’s close of ₹660.60 on BSE and ₹661.15 on the National Stock Exchange (NSE).

RateGain, known for its comprehensive technology solutions for the travel sector, recently concluded a Qualified Institutional Placement (QIP) that raised Rs 600 crore with institutional investors' support, including Societe Generale which had acquired 12.79 lakh shares at ₹643 each. The new shares from this QIP were listed on November 22.

The funds from the QIP are earmarked for strategic initiatives, including potential acquisitions and the development of an AI-powered integrated tech stack designed to enhance global electronic transaction processing capabilities.

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