Udaipar Cement extends rally on preferential issue plan to promoter

The stock surged 9% to Rs 36.20, extending its Wednesday's nearly 7% rally on BSE.

Udaipur Cement Works  surged 9% to Rs 36.20, extending its Wednesday’s nearly 7% rally on BSE, after the company said it will raise around Rs 50 crore by issuing Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) on preferential basis to JK Lakshmi Cement, promoter of the company.

“The board of directors of the company is scheduled to meet on May 10, 2017 to consider issue of OCCRPS of up to Rs 50 crore on preferential basis to JK Lakshmi Cement, promoter of the company,” Udaipur Cement Works said in a BSE filing.

The board will also consider the