Intellect Design Arena slides on equity dilution worries

Intellect Design Arena declined 2.2% at Rs 207.50 at 14:23 IST on BSE on equity dilution worries after the company's announcement that it intends to raise a sum of up to Rs 300 crore through equity or equity related instruments.

Meanwhile, the S&P BSE Sensex was off 252.36 points or 0.95% at 26,383.39

On BSE, so far 76,911 shares were traded in the counter as against average daily volume of 2.14 lakh shares in the past one quarter. The stock hit a high of Rs 212.30 and a low of Rs 206.20 so far during the day. The stock had hit a record high of Rs 302.65 on 23 November 2015. The stock had hit 52-week low of Rs 98 on 12 June 2015. The stock had underperformed the market over the past one month till 10 June 2016, sliding 0.59% compared with the Sensex's 3.35% rise. The scrip had also underperformed the market in past one quarter, gaining 4.63% as against the Sensex's 8.17% rise.

The small cap company has equity capital of Rs 50.51 crore. Face value per share is Rs 5.

Having received the approval of the board of directors on 11 June 2016, Intellect Design Arena will now seek shareholders' nod for raising funds in the ensuing annual general meeting.

Based on consolidated financial performance, Intellect Design Arena's net profit jumped 147.7% to Rs 14.14 crore on 34.3% growth in net sales to Rs 216.65 crore in Q4 March 2016 over Q4 March 2015.

Intellect Design Arena provides fully integrated IT products across global consumer banking (iGCB), central banking, Risk & Treasury Management (iRTM), global transaction banking (iGTB) and insurance verticals.

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