Indiabulls Ventures rises over 7% on share issue plan
New Delhi: Shares of Indiabulls Ventures on Monday jumped to its 52-week high level and settled for the day with gains of over 7% after the company said its board will consider preferential issue of equity shares.
In a regulatory filing the company on Monday said “a meeting of the Board of Directors of the Company would be held on Friday, May 4, 2018, inter-alia to consider and approve the preferential issue of equity shares of the Company, to certain foreign investor(s), in accordance with applicable SEBI Regulations”.
Following the announcement, the shares of the company jumped to its 52-week high level of Rs489.80. At the end of the trading session the stock, however, lost some ground and was quoted at Rs482.25, up 7.26% on the BSE.
On the NSE, the company opened at Rs453.00-, then touched its 52-week high of Rs490.00 finally ended the day at Rs483.50, up 7.49% over its previous closing price.
“We further wish to inform that in terms of Sebi (Prohibition of Insider Trading) Regulations, 2015, and Code of Conduct for Prevention of Insider Trading of the Company, the Trading Window for dealing in securities of the Company has been closed, and shall remain closed till May 6, 2018,” the filing added.