Shares of the Selan Exploration Technology Ltd. surged over 16% to a record high on Thursday after its board approved its amalgamation with Antelopus Energy Pvt.
After the amalgamation, promoters' shareholding in the company would rise to 69.93% from 30.46%, according to an exchange filing. The amalgamation is subject to the approval of the BSE and the NSE.
The company's board of directors also approved raising Rs 250 crore through issue of equity shares, fully or partially convertible debentures, non-convertible debentures.
Shares of the Selan Exploration rose as much as 16.05%, the highest since its listing on Sept. 27, 2006, before paring gains to trade 12.56% higher at 09:05 a.m. This compares to a 0.14% advance in the NSE Nifty 50.
The stock has risen 115.0% on a year-to-date basis. Total traded volume so far in the day stood at 12.0 times its 30-day average. The relative strength index was at 74.27.
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