Shares of drug firm Ind Swift Laboratories shot up by over 3% on the BSE today after the company said its shareholders have approved raising up to Rs 500 crore through the issue of securities.
After a positive opening, shares of the company jumped further by 3.58% to touch a high of Rs 86.75 on the BSE.
Shareholders of the company have approved raising up to Rs 500 crore through the issue of global depositary receipts (GDRs), foreign currency convertible bonds (FCCBs) and convertible bonds, Ind Swift Laboratories has said in a regulatory filing.
However, the company did not provide a timeline for raising the funds.
The announcement was made after the market close yesterday.
The surge in the stock was in sync with the overall bullish trend in the stock market, with the BSE benchmark Sensex trading 1.76% higher at 16,334.25 at 1035 hours.