Arihant Superstructures zooms ~5% as board nods Rs500 crore fund raising plan

25 Jul 2022 , 09:37 AM

Arihant Superstructures Limited informed that in their meeting on July 23, 2022, the Board of Directors granted their consent for an enabling resolution pertaining to raising funds by issuance of securities through one or more permissible mode(s), including but not limited to a private placement, preferential issue, qualified institutions placement, follow-on public offering (FPO), or a combination thereof, as the Board may deem appropriate.

The board has approved raising funds up to Rs500 crore, subject to shareholder approval and regulatory and other approvals as may be required.

The company will seek the approval of members for the same in the ensuing g Annual General Meeting of the Company.

At around 9.40 AM, Arihant Superstructures was trading at Rs151.70 up by Rs6.6 or 4.55% from its previous closing of Rs145.10 on the BSE. The scrip opened at Rs144.95 and has touched intraday high and low of Rs165.85 and Rs143.40 respectively.