Gujarat Pipavav Port has rallied 5% to Rs 58.80 in opening trades after its board of directors has approved expansion plan of over Rs 1,000 crore.
"The board of directors at its meeting held on June 5, 2012, has approved the project expansion plan for Pipavav Port at a total cost of Rs 1,097 crore. This will be financed through a mix of debt, equity and internal accruals,” the company said in a filing to the stock exchanges.
The company has called an extraordinary general meeting of shareholders on July 2 to approve issue of equity shares for an aggregate amount of Rs 350 crore.
A combined around 43,000 shares have changed hands on the counter in opening deals on both the exchanges.