HCL Infosystems rose 1.58% to Rs 48.25 at 9:35 IST on BSE after the company said it will raise Rs 499.09 crore from its existing shareholders by way of rights issue.
Meanwhile, the S&P BSE Sensex was up 154.54 points, or 0.48% to 32,544.50.On the BSE, 40,000 shares were traded in the counter so far, compared with average daily volumes of 6.20 lakh shares in the past one quarter. The stock had hit a high of Rs 48.45 and a low of Rs 47.85 so far during the day. The stock hit a 52-week high of Rs 64.85 on 25 January 2017. The stock hit a 52-week low of Rs 39.20 on 21 November 2016.
The stock had underperformed the market over the past one month till 19 October 2017, falling 7.95% compared with 0.03% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 7.86% as against Sensex's 1.13% rise. The scrip had also underperformed the market in past one year, falling 14.41% as against Sensex's 15.14% rise.
The small-cap company has equity capital of Rs 44.60 crore. Face value per share is Rs 2.
HCL Infosystems said that the total number of equity shares to be issued is 10.61 crore. The company said the rights issue will be offered at a price of Rs 47, including a premium of Rs 45. The record date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue is 1 November 2017. It further said the board has decided that the rights entitlement ratio is fixed at a ratio of 10 rights equity share for every 21 equity share held by eligible shareholders of the company.
The announcement was made on Friday, 20 October 2017. The Indian stock market was shut on Thursday, 19 October 2017, on account of Diwali Laxmi Pujan and again on Friday, 20 October 2017, on account of Diwali Balipratipada.
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On a consolidated basis, HCL Infosystems reported net loss of Rs 55.12 crore in Q1 June 2017, higher than net loss of Rs 35.70 crore in Q1 June 2016. Net sales fell 40.35% to Rs 684.23 crore in Q1 June 2017 over Q1 June 2016.
HCL Infosystems is one of the India's premier IT services, solutions & distribution companies.
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