V2 Retail rose 4.45% to Rs 44.60 at 12:26 IST on BSE after the company said its board at a meeting held yesterday, 26 February 2015, recommended to issue convertible warrants on preferential basis to Bennett Coleman and Company.
The announcement was made after market hours yesterday, 26 February 2015.
Meanwhile, the S&P BSE Sensex was up 273.72 points or 0.95% at 29,020.37.
On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 20,306 shares over the past one quarter.
The stock hit a high of Rs 44.80 and a low of Rs 43.60 so far during the day. The stock had hit a 52-week high of Rs 50.40 on 25 November 2014. The stock had hit a 52-week low of Rs 10.63 on 28 February 2014.
The stock had outperformed the market over the past one month till 26 February 2015, advancing 8.24% compared with Sensex's 1.82% fall. The scrip had, however, underperformed the market in past one quarter, sliding 2.51% as against Sensex's 1.27% rise.
The small-cap company has equity capital of Rs 22.40 crore. Face value per share is Rs 10.
V2 Retail said that its board of directors at its meeting held yesterday, 26 February 2015, recommended to offer, issue and allot, in one or more tranches on preferential allotment basis, the convertible warrants of value not exceeding Rs 32.50 crore to be convertible at the option of warrant holders in one or more trenches to Bennett Coleman and Company, which is neither promoter nor part of promoter group.
V2 Retail's net profit surged 58% to Rs 5.15 crore on 12.8% growth in net sales to Rs 79.16 crore in Q3 December 2014 over Q3 December 2013.
V2 Retail is one of fastest growing Retail Groups in India.
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