Diamond Power surges 20% on fund raising plans

Shares of Diamond Power Infra today surged by as much as 20 per cent to hit the upper circuit limit after the company announced its fund raising plans.
Shares of the company settled at Rs 31.40 on BSE, up 19.85 per cent from its previous close.
On NSE, the stock jumped by 20 per cent to end the day at Rs 31.20.
Around 27 lakh shares were today traded on both the exchanges.
The company in a regulatory filing said the meeting of its Share/Warrant Allotment Committee will be held on April 28 to allot about 1.20 crore fully convertible warrants on preferential basis.

The warrants, fully convertible into equity shares, will be issued to the firm's promoters' group companies at a price not less Rs 55 each, the filing said.