Shares of Sundaram Clayton Ltd. rose to a two-week high on Wednesday after its board approved raising up to Rs 400 crore through the issue of equity shares.
The auto-component manufacturer will raise the amount in one or more tranches by issuing equities with a face value of Rs 5 or any other eligible securities that can be converted into equities, the company said in an exchange filing. The mode of fundraising can be qualified institutional placement, preferential issue, further public offer, or combination of any of these, it said.
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The amount of Rs 400 crore is inclusive of premiums that the company's board may fix.
The board also approved the appointment of P Kaniappan as additional director, non-executive independent director, for a term of five consecutive years, with effect from Wednesday.
The fundraise and appointment are subjected to shareholders' approval through postal ballot.
Shares of Sundaram Clayton rose as much as 4.02% to Rs 1,597.80 apiece, the highest level since June 20. It was trading 1.73% higher at Rs 1,562.70 as of 12:33 p.m., compared to 0.68% advance in the NSE Nifty 50 index.
The stock gained 3.37% in six months and 3.13% on year-to-date basis. Total traded volume so far in the day stood at 5.4 times its 30-day average. The relative strength index was at 51.35.
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