IL&FS Engineering and Construction Company jumped 4.82% to Rs 35.85 at 9:30 IST on BSE after the company's board approved rights issue of equity shares.
The announcement was made after market hours on Wednesday, 9 October 2013.
Meanwhile, the BSE Sensex was up 6.37 points, or 0.03%, to 20,255.63.
On BSE, 550 shares were traded in the counter compared with average volume of 6,829 shares in the past one quarter.
The stock hit a high of Rs 36.50 and a low of Rs 32.05 so far during the day. The stock hit a 52-week low of Rs 19.40 on 2 August 2013. The stock hit a 52-week high of Rs 70 on 10 October 2012.
The stock had outperformed the market over the past one month till 9 October 2013, rising 33.86% compared with the Sensex's 5.08% rise. The scrip had also outperformed the market in past one quarter, gaining 11.22% as against Sensex's 4.17% rise.
The small-cap company has an equity capital of Rs 89.79 crore. Face value per share is Rs 10.
The board of IL&FS Engineering and Construction Company (IL&FS Engineering) approved raising up to Rs 300 crore through rights issue of equity shares. The issue will be priced at 7.5% discount to the closing price of the stock at NSE on Wednesday, 9 October 2013, the company said in a statement.
Shares of IL&FS Engineering settled at Rs 34.20 on NSE on Wednesday. After a 7.5% discount, the rights issue price works out at around Rs 31.65 per share.
IL&FS Engineering & Construction Company reported net profit of Rs 3.09 crore in Q1 June 2013 as against net loss of Rs 34.23 crore in Q1 June 2012. Net sales rose 38.96% to Rs 481.65 crore in Q1 June 2013 over Q1 June 2012.
IL&FS Engineering and Construction Company is an infrastructure development, construction and project management company in India.
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