Hind Rectifiers rose 1% to Rs 98.10 at 10:08 IST on BSE after the company said that its board approved raising upto Rs 12 crore through rights issue of equity shares.
The announcement was made on Sunday, 15 January 2017.Meanwhile, the BSE Sensex was down 8.62 points, or 0.03%, to 27,229.44.
On the BSE, so far 16 shares were traded in the counter, compared with average daily volumes of 7,856 shares in the past one quarter. The stock had hit a high of Rs 98.50 and a low of Rs 98.10 so far during the day.
The stock hit a 52-week high of Rs 113.60 on 1 November 2016. The stock hit a 52-week low of Rs 58.10 on 29 February 2016. The stock had outperformed the market over the past 30 days till 13 January 2017, rising 10.02% compared with the 2.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.58% as against Sensex's 1.57% decline.
The small-cap company has equity capital of Rs 3.01 crore. Face value per share is Rs 2.
Hind Rectifiers said that its board of directors approved raising upto Rs 12 crore by issuing equity shares to the existing shareholders of the company on a rights basis (right issue).
Further, board also constituted a committee of directors (right issue committee) and authorized such committee to determine record date, timing of the issue, do the required process and decide all the matters relating to the right issue in consultations to lead manager. Such details shall be informed and/or announced in the due course as and when decided or required, as per applicable statutory provisions, the company said in a statement.
Hind Rectifiers reported net loss of Rs 0.86 crore in Q2 September 2016, lower than net loss of Rs 2.05 crore in Q2 September 2015. Net sales rose 62% to Rs 28.57 crore in Q2 September 2016 over Q2 September 2015.
Hind Rectifiers is engaged in developing, designing, manufacturing and marketing power semiconductor, power electronic equipments and railway transportation equipments.
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