Diamond Power Infra To Consider Fundraising, Stock Split On Oct. 18
The fundraising will be subject to the approval of the company's shareholders.
Diamond Power Infrastructure Ltd. said on Monday that its board of directors would meet on Oct. 18 to consider a proposal to raise funds and stock split, according to an exchange filing on Monday. The company has not disclosed the amount it wants to raise.
A meeting of the board was scheduled to be held on Tuesday, but it has been postponed and rescheduled to Oct. 18.
The board will discuss and consider the proposal to raise funds through the issue of one or more instruments, including equity shares, convertible or non-convertible securities of any description or warrants or debt securities, through preferential issues, private placements, rights issue or any other methods or combination thereof as may be permitted under applicable laws.
The fundraising will be subject to the approval of the company's shareholders.
As per the company's letter dated Sept. 28, the trading window for insiders, including directors and designated persons, remains closed from Oct. 1 until 48 hours after the declaration of the unaudited financial results of the company for the quarter and half year ended Sept. 30.
As of Oct. 9, the company stock had rallied over 2,700% in the last 12 months.
Earlier on Oct. 9, the firm received a letter of intent worth Rs 109 crore from Swastika Infra Pvt. for the supply of power cables.
The date of the board meeting for the declaration of the unaudited financial results for the quarter and half year ended Sept. 30 of the company will be intimated accordingly.
Shares of Diamond Power Infrastructure closed 5% higher at Rs 1,582.60 apiece, compared to a 0.66% advance in benchmark NSE Nifty 50.
It has risen 2,630.97% in the last 12 months and 888.20% on a year-to-date basis. The total traded volume in the day stood at 0.05 times its 30-day average. The relative strength index was at 56.27.
