HCL Info spurts after board approval for rights issue

HCL Infosystems gained 3.4% to Rs 48.60 at 13:48 IST on BSE after the company's board approved rights issue of shares for raising equity capital aggregating up to Rs 500 crore.

The announcement was made during market hours today, 29 August 2017.

Meanwhile, the BSE Sensex was down 338.10 points, or 1.06%, to 31,412.72. The BSE Small-Cap index was down 127.55 points, or 0.81%, to 15,690.

On the BSE, 13.45 lakh shares were traded in the counter so far, compared with an average volume of 5.41 lakh shares in the past one quarter. The stock had hit a high of Rs 50.15 and a low of Rs 47.45 so far during the day. The stock had hit a 52-week high of Rs 64.85 on 25 January 2017. The stock had hit a 52-week low of Rs 39.20 on 21 November 2016.

The small-cap company has an equity capital of Rs 44.60 crore. Face value per share is Rs 2.

HCL Infosystems' board of directors in its meeting held today, 29 August 2017 has considered and approved the recommendations of its Capital Raising Committee to go for a rights issue of shares to existing shareholders of the company as a mode of raising equity capital aggregating up to Rs 500 crore.

HCL Infosystems reported consolidated net loss of Rs 55.12 crore in Q1 June 2017, higher than net loss of Rs 35.70 crore in Q1 June 2016. Net sales fell 40.35% to Rs 684.23 crore in Q1 June 2017 over Q1 June 2016.

HCL Infosystems is India's premier IT services, solutions & distribution company.

Powered by Capital Market - Live News