Unity Infraprojects gains on share issue to lenders, promoters

The board has allotted equity shares at Rs 27.52 per share which is at a premium to the current stock price

Shares of Unity Infraprojects surged 13% to Rs 15.45 on the Bombay Stock Exchange after the company in a release said that it issued equity shares at a premium to the current stock price to lenders and promoteres in lieu of the debt.

The board has approved and allotted 36,08,738 equity shares of Rs 2/- each at a price of Rs 27.52 per share to corporate debt restrucuturing (CDR) lenders and also allotted 2,64,20,784 equity shares of Rs 2/-each at a price of Rs 27.52 per share to promoters under the CDR scheme, the company said in a release.

The stock opened at Rs 14.90 and touched a high of Rs 16.40. At 12:25PM, over 1.6 million shares were traded on both the stock exchanges.