Austral Coke hits new high on stock split, fund raising plans

The stock finally settled at Rs 431 - up 1%. Over 479,848 shares were traded on the BSE today.
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(Updated at 1307 hrs)

Austral Coke touched an all-time high today at Rs 447. The stock witnessed sharp upmove after the company informed BSE on July 18 that the shareholdres, by way of postal ballot, approved subdivision of shares and raising funds through Global Depository Receipts (GDRs) / Foreign Currency Convertible Bonds (FCCB).

The stock surged 6% to Rs 302 in the trading session post announcement.  The stock has zoomed 48% from Rs 302 on July 20, after the announcement to touch its life-time high. The scrip rallied 15% within a week and skyrocketed 63% from a month-ago close of Rs 262.

The stock is now up 1.5% at Rs 430, after opening at Rs 420. The stock has rallied 42% from July 20 close. The counter has witnessed trades of around 306,300 shares, a two-fold increase in number of shares agianst its two-week average traded quantity of 193,537 shares.

Austral Coke & Projects also fixed August 10 as the record date for sub-division of equity shares of Rs 10/- each into 10 equity shares of Re 1/- each.

The company announced on June 16 that it would raise funds worth Rs 957 crore through Global Depository Receipts, American Depository Receipts and Foreign Currency Convertible Bonds in the international market and from domestic market by issue of equity shares, convertible debentures and bonds.