Polo Queen's Board Approves Rs 2,500-Crore Fundraise; Shares Gain

Shares of Polo Queen Industrial And Fintech Ltd. rose on Friday after its board approved raising up to Rs 2,500 crore for its proposed agro-processing and data-centre project in Maharashtra.

It will raise the funds by issuing equity shares or other instruments through one or more preferential issues on a private-placement basis or rights issue or qualified institutional placement or through a mix of any, according to an exchange filing on Thursday.

Shares of Polo Queen surged 7.28% intraday, the most since May 17. The stock is trading 0.24% higher at Rs 42 apiece as of 10.51 am, compared to a 0.17% rise in the S&P BSE Sensex.

The total traded volume stood at 4.8 times its 30-day average. The relative strength index was at 55.49.