Infibeam Incorporation dips 20% in one week

The stock dipped 4.5% to Rs 1,120 on BSE extending its 16% fall in past four trading days.

Shares of Infibeam Incorporation dipped 4.5% to Rs 1,120 on BSE extending its 16% fall in the past four trading days in an otherwise firm market.

The board of directors of Infibeam Incorporation in its meeting held on March 24, 2017 had allotted 436,363 equity shares of face value of Rs 10 each at a premium of Rs 1,365 per equity share to Bennett Coleman and Company Limited (BCCL),on preferential issue basis upon conversion of one convertible warrant of Rs 60 crore.

The Equity Shares will be locked in for a period of one year from the date of trading approval in terms of Regulation 78 of SEBI (ICDR) Regulations, 2009.

The Company is in the process of applying for final listing of the above Shares onthe BSE and the National Stock Exchange of India (NSE) to complete the rest of the issue formalities, it added.

In the past six months, the stock had outperformed the market by surging 47% as compared to 2.3% rise in the S&P BSE Sensex till March 23, 2017.

At 12:06 pm; it was down 3.8% at Rs 1,128 against 0.26% rise in the benchmark index. A combined 394,375 shares changed hands on the counter on BSE and NSE so far.