Prakash Industries lightens up amid fundraising plans
At 9.52 am, shares of the company were trading at Rs 269.65 apiece on BSE, up 5.15 per cent.
By ETMarkets.com | Updated:
NEW DELHI: Prakash Industries surged over 5 per cent early on Tuesday on reports that the company is planning to raise funds very shortly subject to clearances. The company's board, at its meeting on August 24, 2017, had already approved raising of funds by way of a QIP issue for Rs 500 crore, said a Capital Market report.
However, the stock erased the gains later in trade. The scrip closed Tuesday's session 2.61 per cent down at Rs 249.75.
The company's shareholders through the special resolution at the EGM on September 23, 2017, have also approved the proposal, it added.
Prakash Industries, which started in 1980, is into core competency of mining, steel and power and is rapidly carving its niche in the Indian steel industry as well.
However, the stock erased the gains later in trade. The scrip closed Tuesday's session 2.61 per cent down at Rs 249.75.
The company's shareholders through the special resolution at the EGM on September 23, 2017, have also approved the proposal, it added.
Prakash Industries, which started in 1980, is into core competency of mining, steel and power and is rapidly carving its niche in the Indian steel industry as well.
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