KSK Energy Ventures jumps after closure of QIP issue

KSK Energy Ventures surged 4.53% to Rs 117.70 at 11:25 IST on BSE after the firm said it has approved an issue price of Rs 99 per share as part of QIP issue of 4.04 crore equity shares aggregating to approximately Rs 400 crore.

The announcement was made after market hours on Wednesday, 4 June 2014.

Meanwhile, the S&P BSE Sensex was down 70.42 points or 0.28% at 24,735.41.

On BSE, so far 79,000 shares were traded in the counter as against average daily volume of 71,000 shares in the past two weeks.

The stock hit a high of Rs 122 and a low of Rs 113 so far during the day.

KSK Energy Ventures after trading hours on Wednesday, 4 June 2014, said that the QIP Committee of the board of directors of the company has closed the bids and approved an issue price of Rs 99 per share, which includes premium of Rs 89 per share, in connection with the proposed issue and allotment of 4.04 crore equity shares aggregating to approximately Rs 400 crore.

KSK Energy Ventures reported a consolidated net loss of Rs 83.88 crore in Q4 March 2014 as against net profit of Rs 57.66 crore in Q4 March 2013. Net sales rose 19.4% to Rs 617 crore in Q4 March 2014 over Q4 March 2013.

KSK Energy Ventures is a power project development company in India.

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