Religare Shares Extend Gains Ahead Of Board's Fundraise Decision

Shares of Religare Enterprises Ltd. surged over 6% during trade on Thursday. This comes after the company's announcement that the Board will on July 11 mull over approving a fundraise, according to an exchange filing.

The scrip also marked notable gains on Wednesday, closing nearly 7% higher after the announcement. The company had earlier intimated that the trading window for dealing in the shares of the company will be closed from July 1, till 48 hours after the declaration of quarterly financial results for the quarter ended on June 30.

Additionally, the exchange filing also said that the trading window will remain closed for the Board meeting as well.

Religare Enterprises stock rose as much as 6.14% during the day to Rs 249.6 apiece on the NSE. It was trading 4.78% higher at Rs 246.5 apiece, compared to an 0.38% decline in the benchmark Nifty 50 as of 11:22 a.m.

In the last six months, the counter has seen nearly 13% decline, hitting a low of Rs 205 during the end of April. Over the last three months, the price has risen 15%.

It has risen 3.58% in the last 12 months and declined 9.79% on a year-to-date basis. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 68.9.