JK Tyre up 2% on board approval to raise funds

Shares of JK Tyre and Industries jumped two per cent on bourses today after its board gave approval to raise up to Rs 1,000 crore by issuing securities.
On BSE, the stock settled 1.82 per cent up at Rs 111.75. After opening at Rs 111.50, it jumped 2.51 per cent to hit an intra-day high of Rs 112.60.
Following the surge, market capitalisation of the company went up by Rs 45.36 crore to Rs 2,534.64 crore.
The scrip closed on NSE at Rs 112.35, up 2.14 per cent from previous close. In intra-day trade, it had risen 2.27 per cent to hit a high of Rs 112.50.

Overall, a total of 8,73,643 shares of the company were traded on the exchanges.
"The board approved raising of funds by issue of securities, convertible/non-convertible with or without warrant...By way of public and or private offerings...For an amount of up to Rs 1,000 crore in one of more tranches," JK Tyre and Industries said in a regulatory filing.
The benchmark Sensex today closed at 26,210.68 points, down 0.01 per cent from its previous close.