Lanco Infratech gains after board approves allotment of shares to CDR lender

Lanco Infratech rose 2.56% to Rs 6 at 9:30 IST on BSE after the firm said that its board passed circular resolution approving the allotment of 5.45 crore shares at an issue price of Rs 6.23 per share to ICICI Bank as per CDR package for the firm.

The announcement was made after market hours yesterday, 29 December 2014.

Meanwhile, the S&P BSE Sensex was down 6.64 points or 0.02% at 27,389.09.

On BSE, so far 3.22 lakh shares were traded in the counter as against average daily volume of 7.14 lakh shares in the past two weeks.

The stock hit a high of Rs 6.25 and a low of Rs 5.98 so far during the day.

Lanco Infratech said that the board of directors of the company passed Circular Resolution yesterday, 29 December 2014 approving the allotment of 5.45 crore shares at an issue price of Rs 6.23 per share to ICICI Bank, CDR lender, as per CDR package approved for the company.

Lanco Infratech reported a consolidated net loss of Rs 527.48 crore in Q2 September 2014, lower than net loss of Rs 581.08 crore in Q2 September 2013. Net sales declined 4.2% to Rs 2348.30 crore in Q2 September 2014 over Q2 September 2013.

Lanco Infratech is one of the India's largest integrated infrastructure developers with presence across five sectors viz. EPC, power, natural resources, solar and infrastructure.

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