Shakti Pumps has rallied 8% at Rs 61.65 ahead of its board meeting tomorrow to consider the issue of equity shares on a preferential basis.
“The board of directors of the company will meet on June 10, 2011 to consider the issue of preferential equity shares,” the company said in a filing to the stock exchanges.
Last month, the board had allotted 360,400 equity shares of face value of Rs 10 each to IFCI Venture Capital Fund Limited, a qualified institutional buyer, under Trust Fund viz Green India Venture Fund (GIVF) for cash on preferential allotment basis at the rate of Rs 111 a share, pre-bonus in a ratio of 1:1.
The stock opened at Rs 59 and touched a high of Rs 63 on the BSE. As many as 214,000 shares have already changed hands on the counter till 1432 hours, against an average around 13,000 shares traded daily in past two weeks.
