The stock gained 3 per cent to Rs 525.60, after the company successfully raised Rs 73 crore by private placement of shares with qualified institutional buyers. The board of directors had allotted 1.45 million equity shares at Rs 506 per share, including premium of Rs 496 per equity share.
The company has raised funds to manage capital for new projects, repayment of debt and for other corporate purposes. Sandstone Capital India Master Fund and Melchior Indian Opportunities Fund, a sub-account of Kotak Mahindra (UK), has acquired 4.32 per cent or 640,000 shares through the QIP allotment.
Shares fall as much as 8%