Kiri Industries zooms nearly 100% in two weeks

Shares of Kiri Industries has surged 6% to Rs 144 on the National Stock Exchange (NSE) in early morning trade after the company said the board approved allotment of cumulative non convertible redeemable preference shares to Tata Capital Financial Services Limited.

“The board of directors of the company at its meeting held on March 30, 2015 has approved allotment of 4,333,500, 0.15% cumulative non convertible redeemable preference shares at an issue price of Rs 15 per share (including premium of Rs 5 per share) to Tata Capital Financial Services Limited,” Kiri Industries said in a statement.

The said cumulative non convertible redeemable preference shares will not be listed at any of the recognized stock exchange and it will be redeemed within period of 7 years from date of issue, it added.

Meanwhile, in past two weeks, since March 16, 2015, the stock zoomed nearly 100% from Rs 72.25 compared with 1.4% fall in the CNX Nifty.

At 1018 hours, the stock up 3.3% at Rs 140 on the NSE. A combined 294,625 shares changed hands on the counter on the NSE and BSE.