Sobha jumps 10% on rights issue plan; stock zooms 48% thus far in Jan

The board of directors of Sobha are scheduled to meed on Monday, January 22, 2024, to consider the proposal of fund raising by way of equity shares through rights issue.

Shares of the real estate developer Sobha moved higher by 10 per cent to Rs 1,455.65 on the BSE in Thursday’s intra-day trade after the company announced fund raising plan via rights issue. In comparison, the S&P BSE Sensex was down 0.34 per cent at 71,265 at 11:54 AM.

Thus far in the month of January, the share price of Sobha has zoomed 48 per cent. While, since November 2023 the stock has more-than-doubled or skyrocketed 104 per cent.

In an exchange filing Sobha on Wednesday after market hours said that a meeting of the board of directors