MindTree jumps after shareholders OK fund raising

MindTree jumped 5.86% to Rs 911.20 at 10:53 IST on BSE after the company received shareholders' approval to raise upto $1 billion.

The company made the announcement after trading hours on Thursday, 19 June 2014.

Meanwhile, the BSE Sensex was down 14.69 points, or 0.06%, to 25,187.11.

On BSE, so far 32,000 shares were traded in the counter, compared with an average volume of 18,876 shares in the past one quarter.

The stock hit a high of Rs 918.60 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 870.85 so far during the day. The stock hit a 52-week low of Rs 402.65 on 3 July 2013.

The stock had outperformed the market over the past one month till 19 June 2014, rising 29.37% compared with 3.44% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.15% as against Sensex's 15.43% rise.

The mid-cap company has an equity capital of Rs 83.53 crore. Face value per share is Rs 10.

Mindtree has received an approval from shareholders to borrow up to $1 billion and to issue bonus shares. Besides, the company has been authorised to sell, lease, mortgage or otherwise dispose off the whole or substantially the whole of the undertaking(s), the moveable and immoveable properties of the company, both present and future.

As per the filing, Mindtree has also got the nod from shareholders to increase its authorised share capital.

These proposals were approved by the shareholders through a postal ballot, according to a regulatory filing made by the company.

On consolidated basis, Mindtree's net profit rose 10.96% to Rs 98.20 crore on 4.18% growth in net sales to Rs 823.70 crore in Q4 March 2014 over Q3 December 2013.

Mindtree is a global information technology solutions company.

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