Stocks of Srei Infrastructure gained of over three% on BSE today, thereby adding Rs 90 crore to its market capitalisation, after the company said it is planning to raise $ 500 million through its infrastructure debt fund.
Srei Infrastructure is planning to raise $ 500 million through its infrastructure debt fund which is likely to be launched as early as January next year.
Shares of the company ended the day at Rs 35.95, higher by 3.45% on BSE. The scrip had surged 8.2% to Rs 37.60 intra-day.
The stock which has been on a roll since November 9, the day it announced its September quarter result,s has added a whopping Rs 522 crore to its market capitalisation since then.
In today's trading session the scrip has added Rs 90 crore to its market worth.
Market analysts said the strong rally in the counter is largely owing to the fact that the company has already received the Certificate of Registration from market regulator Sebi for its infrastructure debt fund. Moreover, the company also posted bullish earnings.
Srei Infrastructure reported an over five-fold growth in net profit at Rs 130.20 crore in the second quarter ended September 30, while its consolidated income grew 34% to Rs 788 crore.
"Srei plans to raise around $ 500 million for its Infrastructure Debt Fund through the MF route," Srei Infrastructure Finance CMD Hemant Kanoria had said, adding that the fund will be launched in the fourth quarter of FY13.
The government has allowed financial institutions to float IDFs through the mutual fund route or structure it as an NBFC to attract long-term savings into the infrastructure sector.
The government has estimated that a whopping $ 1 trillion will be required during the next five years for developing the country's infrastructure.