Shriram EPC has surged 11% to Rs 63.15 after its board approved a fund raising plans up to Rs 150 crore through issue of equity shares in the form of QIPs/ADRs/GDRs/FCCBs/ and/ or any other securities convertible into equity shares and/or Rights Issue or any combination thereof.
Meanwhile, the construction and engineering company has reported a 69% year-on-year (y-o-y) drop in net profit at Rs 4.51 crore for the fourth quarter ended March 2012, due to higher interest cost and other expenditure. Income from operations however, grew 32% at Rs 603 crore on y-o-y basis.
The stock opened at Rs 59.90 and touched high of Rs 64.80 on the National Stock Exchange. A combined 68,700 shares have changed hands on the counter so far on both the exchanges.