Patel Engineering rises 5% as board to consider fund raising

New Delhi: Shares of Patel Engineering rallied 5% during Wednesday's trading session amid buzz that the company is likely to consider fund raising via a rights issue.

In an exchange filing, the company said that its board of directors are scheduled to meet on December 16, Friday, to consider fund raising plans.

The company is likely to raise funds through the issuance of equity shares of the company on a rights basis to the existing equity shareholders, it added in the regulatory filing.


Following the announcement, shares of Patel Engineering rallied about 5% to Rs 22.15 on Wednesday, before giving up its gains partially. The scrip settled at Rs 21.20 on Tuesday.