After a positive opening, the stock further jumped 5.91 per cent to Rs 40.30 on BSE.
At NSE, the company moved up by 5.92 per cent to Rs 40.20.
The auto maker plans to issue a maximum of 2.35 crore shares at a price of Rs 50 per share, including premium of Rs 48 aggregating Rs 117.5 crore, it said in a BSE filing yesterday.
The auto component maker has been struggling to make a turnaround ever since it reported "temporary cash flow mismatch" in 2015 and defaulted on payment of an estimated Rs 800-crore bond.
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