Jyoti Structures gained 1.97% to Rs 62 at 10:31 IST on BSE after the company's board of directors approved issue of shares to qualified institutional buyers.
The announcement was made after market hours on Monday, 30 June 2014.
Meanwhile, the S&P BSE Sensex was up 60.70 points or 0.24% at 25,474.48
On BSE, so far 1.76 lakh shares were traded in the counter as against average daily volume of 2.93 lakh shares in the past one quarter.
The stock hit a high of Rs 63.10 and low of Rs 61.65 so far during the day. The stock hit a 52-week high of Rs 68.40 on 26 May 2014. The stock hit a 52-week low of Rs 15.05 on 2 August 2013.
The scrip had underperformed the market over the past one month till 30 June 2014, falling 0.33% compared with 4.94% rise in the Sensex. The stock, however, outperformed the market in past one quarter, gaining 90% as against Sensex's 13.76% rise.
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The small-cap company has equity capital of Rs 16.46 crore. Face value per share is Rs 2.
Jyoti Structures said that the board of directors of the company at its meeting held on Monday, 30 June 2014, has approved to issue equity shares for an amount not exceeding Rs 120 crore to qualified institutional buyers under the Qualified Institutions Placement (QIP).
Assuming that the shares are issued at current market price of Rs 62 per share, the QIP issue may lead to an equity dilution of 23.47%.
Jyoti Structures reported a net loss of Rs 12.53 crore in Q4 March 2014 as compared to net profit of Rs 22.20 crore in Q4 March 2013. Total income rose 41.3% to Rs 1329.89 crore in Q4 March 2014 over Q4 March 2013.
Jyoti Structures undertakes turnkey/engineering, procurement and construction (EPC) projects in the field of power transmission. Its main business focus areas are transmission lines, substations and distribution projects.
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