Diamond Power zooms 75% in one week

The board approved allotment of 12 million shares at Rs 55 per share to the promoters' group companies on preferential basis.

Diamond Power Infrastructure has locked in upper circuit of 10% at Rs 45.40 on the BSE after the company announced that its board approved the allotment of 12 million equity shares at price of Rs 55 each to promoters on preferential basis.

In past one-week, the stock zoomed 75% from Rs 25.90 on April 22, after the company said the share/warrant allotment committee will schedule to be held on April 28, 2016, to allot 12.02 million of fully convertible warrants on preferential basis.

“The board approved allotment of 12.02 million equity shares of the company consequent upon conversion 12.03 million warrants on receipt of 100% of the allotment price i.e. Rs 55 per warrant to the promoters’ group companies,” Diamond Power Infrastructure said in a statement.

The company allotted 6.01 million shares each to Diamond Power Transmission and Diamond Projects.

Meanwhile, on Thursday, April 28, Hong Kong Victory Investment Company has bought 788,948 shares of Diamond Power at an average price of Rs 40.98 per share through open market, the NSE & BSE bulk deal data shows.

Till 11:06 am, a combined 590,771 shares changed hands and there were pending buy orders for 1.36 million shares on the BSE and NSE.