Can Fin Homes surges ahead of board meeting to consider rights issue price

Can Fin Homes surged 5.85% to Rs 608 at 12:25 IST on BSE ahead of a board meet on 12 January 2015, to consider the size of the rights issue, rights issue ratio, price, record date and other matters relating to the proposed rights issue.

Meanwhile, the BSE Sensex was down 43.18 points, or 0.16%, to 27,233.08.

On BSE, so far 47,344 shares were traded in the counter, compared with an average volume of 12,111 shares in the past one quarter.

The stock hit a high of Rs 621, also a record high for the stock. The stock hit a low of Rs 575.35 so far during the day. The stock hit a 52-week low of Rs 160 on 30 January 2014.

The stock had outperformed the market over the past one month till 8 January 2015, surging 18.04% compared with 3% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 27.87% as against Sensex's 3.92% rise.

The mid-cap home loan provider has an equity capital of Rs 20.49 crore. Face value per share is Rs 10.

Can Fin Homes said on 31 December 2014, that a meeting of the board of directors of the Company will be held on 12 January 2015, inter alia, to consider the size of the rights issue, rights issue ratio, price, record date and other matters relating to the proposed rights issue.

The board of directors of the company at its meeting held on 24 July 2014, had approved raising of funds for an amount upto Rs 300 crore from rights issue of shares.

Can Fin Homes' net profit fell 1.5% to Rs 18.45 crore on 43.9% rise in total income to Rs 198.45 crore in Q2 September 2014 over Q2 September 2013.

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