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SPML Infra hits 52-week high on new orders, fund raising plan

The stock rallied 12% to Rs 102 after the company received new orders worth Rs 267 crore.

SI Reporter  |  Mumbai 

has rallied 12% to Rs 102 after the company said it has received new orders worth Rs 267 crore and also to raise funds worth Rs 75 crore through qualified institutional placements (QIP).

“The company has won new orders worth Rs 267 crore from Karnataka Urban Infrastructure Development and Finance Corporation (KUIDFC) for 24X7 water supply system for three cities, Sindhanur, Gadag-Betageri and Haveri,” said in a statement.

Meanwhile, the board has decided to call for Extra Ordinary General Meeting (EGM) on 6th January 2015 seeking shareholders approval to authorize the board of directors to raise funds through route for an amount not exceeding Rs 75 crore, it added.

The stock opened at Rs 90 and touched a 52-week high of Rs 104 on NSE. The trading volumes on the counter more than doubled with a combined 76,756 shares changed hands till 1204 hours on NSE and BSE.

First Published: Tue, December 09 2014. 12:07 IST
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