Era Infra surges after issuing ZCCDs to promoters

Era Infra Engineering was locked at 5% upper circuit at Rs 6.65 at 10:50 IST on BSE after the company said that its board at its meeting held on 7 January 2015 has allotted 1.79 crore ZCCDs on preferential basis to promoters & associates.

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

Meanwhile, the BSE Sensex was up 246.98 points, or 0.92%, to 27,155.80.

On BSE, so far 27,575 shares were traded in the counter, compared with an average volume of 3.14 lakh shares in the past one quarter.

The stock hit a 52-week high of Rs 36.05 on 13 June 2014. The stock hit a 52-week low of Rs 3.42 on 22 December 2014.

The stock had outperformed the market over the past one month till 7 January 2015, rising 17.19% compared with 5.44% fall in the Sensex. The scrip had however underperformed the market in past one quarter, sliding 54.39% as against Sensex's 2.42% rise.

The small-cap infra firm has an equity capital of Rs 36.36 crore. Face value per share is Rs 2.

Era Infra Engineering said that the board of directors of the company at its meeting held on 7 January 2015 has allotted 1.79 crore zero coupon compulsory convertible debentures (ZCCDs) of face value of Rs. 100 per ZCCD on preferential basis to promoters & associates.

Era Infra Engineering reported net loss of Rs 199.80 in Q2 September 2014 compared with net loss of Rs 203.07 crore in Q2 September 2013. Total income fell 45.7% to Rs 362.02 crore in Q2 September 2014 over Q2 September 2013.

Powered by Capital Market - Live News