Shares of Sadbhav Engineering rose by over 8 per cent after the company said its board at a meeting held today approved raising of funds up to Rs 250 crore through qualified institutions placement.
The company's stock ended 8.32 per cent higher at Rs 225.95 on the BSE. During the day, it surged 12.12 per cent to Rs 233.90 -- its 52-week high.
At the NSE, the scrip rose by 7.76 per cent to Rs 225.05.
On the volume front, 2.73 lakh shares of the company were traded at the BSE, more than 11 lakh shares changed hands at the NSE during the day.
The announcement was made during market hours today.
Sadbhav Engineering Ltd has informed BSE that the Board of Directors of the company at its meeting held today has considered and approved raising of funds by way of a qualified institutions placement up to an amount not exceeding Rs 250 crore.
The company said it will convene an extra-ordinary general meeting of the shareholders of the company on October 4, 2014 for obtaining the authority/approval of the shareholders of the company for raising funds by way of a qualified institutions placement.
