3i Infotech jumps after preferential allotment of shares to DBS Bank

3i Infotech surged 5.21% to Rs 4.24 at 10:16 IST on BSE after the company said it has allotted 1.69 crore equity shares of the company at a conversion price of Rs 19.74 per share on a preferential allotment basis to DBS Bank, one of the CDR lenders.

The company made the announcement after market hours yesterday, 7 October 2015.

Meanwhile, the S&P BSE Sensex was down 90.96 points or 0.34% at 26,944.89.

On BSE, so far 5.85 lakh shares were traded in the counter as against average daily volume of 12.45 lakh shares in the past one quarter.

The stock hit a high of Rs 4.36 and a low of Rs 4.10 so far during the day. The stock had hit a 52-week high of Rs 10.31 on 11 November 2014. The stock had hit a record low of Rs 2.18 on 25 May 2015.

The stock had outperformed the market over the past one month till 7 October 2015, surging 39.93% compared with Sensex's 8.6% rise. The scrip, however, underperformed the market in past one quarter, declining 4.28% as against Sensex's 4.03% fall.

The small-cap company has equity capital of Rs 586.12 crore. Face value per share is Rs 10.

On consolidated basis, 3i Infotech reported a net loss of Rs 74.02 crore in Q1 June 2015, lower than net loss of Rs 396.08 crore in Q4 March 2015. Net sales declined 10.06% to Rs 274.59 crore in Q1 June 2015 over Q4 March 2015.

3i Infotech provides a range of software and information technology (IT) solutions including packaged applications for the banking, financial services and insurance, manufacturing, contracting and retail and distribution industries.

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