NCC has moved higher by 13% to Rs 51.90, also its 52-week high on the BSE, on the back of heavy volumes.
A combined 6.76 million shares changed hands on the counter till 1450 hours against an average sub-3 million shares that were traded daily in the past two weeks on the BSE and NSE.
NCC, a construction company, continued to gain today after the company's board of directors on Monday approved raising of funds up to an amount of Rs 650 crore through a rights issue of equity shares to the existing members.
The stock has rallied 36% in the past three trading sessions from Rs 38.10 on April 7, 2014, compared to a 1.44% rise in the benchmark S&P BSE Sensex.
"Subject to the requisite statutory and regulatory approvals and other consents/approvals as may be necessary, the Board of Directors at its meeting held on April 9, 2014 approved raising of funds up to an amount of Rs 650 crore through Rights Issue of equity shares to the existing members of the company," NCC informed the stock exchanges.
It said the terms and conditions of the rights issue, including the entitlement ratio, the issue price, issue size, record date, timing and other related matters, shall be decided subsequently by the Board or a duly constituted Committee of the Board in consultation with the lead managers to the issue.
A combined 6.76 million shares changed hands on the counter till 1450 hours against an average sub-3 million shares that were traded daily in the past two weeks on the BSE and NSE.
NCC, a construction company, continued to gain today after the company's board of directors on Monday approved raising of funds up to an amount of Rs 650 crore through a rights issue of equity shares to the existing members.
The stock has rallied 36% in the past three trading sessions from Rs 38.10 on April 7, 2014, compared to a 1.44% rise in the benchmark S&P BSE Sensex.
"Subject to the requisite statutory and regulatory approvals and other consents/approvals as may be necessary, the Board of Directors at its meeting held on April 9, 2014 approved raising of funds up to an amount of Rs 650 crore through Rights Issue of equity shares to the existing members of the company," NCC informed the stock exchanges.
It said the terms and conditions of the rights issue, including the entitlement ratio, the issue price, issue size, record date, timing and other related matters, shall be decided subsequently by the Board or a duly constituted Committee of the Board in consultation with the lead managers to the issue.