Diamond Power Share Price Hits Life High As Board To Meet To Consider Fundraising, Stock Split
Diamond Power Infrastructure Ltd.'s share price surged 5% to hit life high of Rs 1,661.70 apiece.
Diamond Power Infrastructure Ltd.'s share price surged 5% to hit a lifetime high on Tuesday after the company said its board would meet on Oct. 18 to consider a proposal for a stock split and raise funds.
The company rescheduled the board meeting from its original Tuesday schedule, but it has not yet revealed the precise amount it hopes to raise.
The board will explore various methods for fundraising, which may include the issuance of equity shares, convertible or non-convertible securities, warrants, or debt instruments. These options could be executed through preferential issues, private placements, rights issues, or other combinations permitted under applicable laws. Any fundraising activities will be subject to shareholder approval.
Swastika Infra Pvt. recently sent Diamond Power a letter of intent worth Rs 109 crore for the supply of power cables, adding to the positive sentiment.
According to a letter dated Sept. 28, the trading window for insiders, including directors and designated persons, has been closed since Oct. 1 and will remain so until 48 hours after the company announces its unaudited financial results for the quarter and half-year ending Sept. 30.
Shares of the company rose as much as 5% to hit life high of Rs 1,661.70 apiece. This compares to a 0.04% advance in the NSE Nifty 50 index.
The stock has risen 2,711.68% in the last 12 months. Total traded volume so far in the day stood at 5.6 times its 30-day average. The relative strength index was at 69.
