Ind-Swift gained 5% to Rs 8.4 extending its Friday's 1% gain after the company board approved the allotment of 41.68 lakh equity shares at Rs 17.50 per share to promoters group on preferential basis.
In a filing to the exchanges, the company stated, " The subcommittee of the Board of Directors of the Company in its meeting held on January 03, 2014 has approved the allotment of 4168571 equity Shares at a price of Rs. 17.50 per share (including premium of Rs. 15.50 per share) to Promoters & Promoters group on preferential basis as per the resolution passed by the shareholders of the Company at the Annual general meeting held on September 30, 2013."
So far, the stock has hit a high of Rs 9.50 and a low of Rs 8.25 in intra-day trades.
The stock had hit a 52-week high of Rs 17.55 on 9 January 2013 and a 52-weel low of Rs 4.35 on 7 August 2013.
A combined little over 34,000 shares changed hands on the BSE and NSE counter.
