Sobha soars 11% on fund raising plan; stock has zoomed 226% in one year

The board is scheduled to meet on Monday, November 8, 2021 to consider and approve the proposal of issue of unlisted secured redeemable non-convertible debentures on a private placement basis

Shares of Sobha soared 11 per cent to Rs 962.50 on the BSE in Wednesday’s intra-day trade amid heavy volumes after the real estate developer announced fund raising plan through issue of unlisted secured redeemable non-convertible debentures on a private placement basis. In past four trading sessions, the stock has rallied 27 per cent from Rs 759 on October 28, 2021.

At 02:17 pm; the stock was trading 10 per cent higher at Rs 950, as compared to 0.35 per cent decline in the S&P BSE Sensex. The trading volumes at the counter jumped over seven-fold today. A combined