Sudar Industries has surged 13% to Rs 144 in noon deals after the company announced fund raising plans up to Rs 550 crore ($100 million) through issue of instruments convertible into equity shares.
“The board of directors of the company approved the raising of funds through warrants, convertible debentures, foreign currency convertible bonds (FCCBs), foreign currency convertible notes (FCCNs), global depository receipts (GDRs) and/or American depository receipts (ADRs), secured premium notes (SPNs) and/or other financial instruments (OFIs) convertible into equity shares to an extent of amount not exceeding $100 million,” Sudar Industries said in a filing.
The stock opened at Rs 129 and hit a record high of Rs 146 on the BSE. The trading volumes on the counter jumped over three-fold. A combined 735,520 shares have changed hands on the counter so far, against an average around 214,000 shares that were traded daily in past two weeks.
