JBM Auto gains as board approves fund raising plan

JBM Auto has moved higher by 9% to Rs 242 on the BSE in intra-day trade.

JBM Auto gained 9% to Rs 242 on the BSE in intra-day trade after the company said the board approved the fund raising plan by up to Rs 600 crore through issuance of equity shares.

“The board of directors of the company at their meeting held on December 29, 2016 considered the fresh proposal for various fund raising options including through qualified institutional placement (QIP) and approved the enabling resolution for the purpose of raising of funds for an amount not exceeding Rs 600 crore subject to approval of the shareholders,” JBM Auto said in a BSE filing.

The fund raising to be done through issuance of equity shares or instruments convertible into equity shares including warrants, it added.

At 02:13 pm; the stock was up 5% at Rs 233 on the BSE as compared to 0.30% rise in the S&P BSE Sensex. A combined 250,408 shares changed hands on the counter on the BSE and NSE so far.