Jay Bharat Maruti's board approves fund-raise of up to Rs150 crore; stock plunges ~4%

Jay Bharat Maruti Limited informed that the company’s board of directors has considered the proposal for the issuance of securities for an amount not exceeding Rs150 crore.

The company stated that the board has approved the proposal for the issuance of securities in terms of sections 42, 61 & 71 of the Companies Act, 2013. However, the proposal is subject to the approval of shareholders in the ensuing Annual General Meeting of the company.

The board has not decided on the details of the issue as yet. It authorized the Key Managerial Personnel to decide and finalize the terms of the issue of securities to raise funds through various options/instruments, etc.

At around 12.37 PM, Jay Bharat Maruti was trading 4.36% lower at Rs166.90, as against Rs174.50 on NSE. So far, it hit intraday high and low of Rs174 and Rs166.40 respectively.