GMR Infrastructure rose 0.35% to Rs 28.55 at 9:18 IST on BSE after the company said it has approved the issue and allotment of 46.88 crore shares to eligible qualified institutional buyers at the issue price of Rs 31.50 per share.
The announcement was made after market hours on Thursday, 10 July 2014.
Meanwhile, the S&P BSE Sensex was up 11.44 points or 0.05% at 25,384.19.
On BSE, so far 85,000 shares were traded in the counter as against average daily volume of 29.55 lakh shares in the past two weeks.
The stock hit a high of Rs 28.90 and a low of Rs 28.30 so far in the day.
GMR Infrastructure said that the Management Committee of the Board of Directors of the company at its meeting held on 10 July 2014, approved the issue and allotment of 46.88 crore shares to eligible qualified institutional buyers (QIB) at the issue price of Rs 31.50 per share which is at a discount of Rs 1.64 per share on the floor price of Rs 33.14 per share, aggregating to approximately Rs 1476.77 crore.
On consolidated basis, GMR Infrastructure's net profit surged 102% to Rs 1170.18 crore on 14% growth in net sales to Rs 2930 crore in Q4 March 2014 over Q4 March 2013.
GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors.
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