Shares of Ashoka Buildcon eased nearly 4% to Rs 183 after the board at its meeting held on Wednesday approved issue of equity shares to Qualified Institutional Buyers at a discount to the closing price of Rs 189.90 on the Bombay Stock Exchange.
The board has approved issue and allotment of 2.84 crore equity shares of face value Rs 5/- each to Qualified Institutional Buyers at an issue price of Rs 175.80 per share aggregating around Rs 500 crore, the company said in a release after market hours on Wednesday.
The stock opened at Rs 190 and touched a low of Rs 181. At 12:20PM, over 56,000 shares were traded on both the stock exchanges.
