Entegra soars by 20%, stock hits upper circuit on BSE

Shares of renewable energy developer Entegra spurted by nearly 20% in early trade on the BSE today as investors cheered the company's plan to raise Rs 1,500 crore through private placement of shares or a follow-on public offer.

Reacting positively to the move, the company's counter on the Bombay Stock Exchange (BSE) zoomed up by 19.83% to hit the upper limit of Rs 28.40 in early trade.

In a similar fashion, shares of the company skyrocketed by 20% to a high of Rs 28.20 on the National Stock Exchange.

The board of directors of the company considered and passed a resolution to raise the funds at its meeting held on March 7.

The board granted permission to raise the funds through a follow-on issue of equity shares, or any other convertible instrument on a private placement basis, or qualified institutional placement.

Meanwhile, the BSE benchmark Sensex was quoting at 18,463.42 at 1047 hrs, up by 24 points.