Shares of Ashiana Housing climbed 10.5 percent intraday Wednesday on approval for the qualified institutional placement (QIP) issue by the board of directors and the executive committee of directors.
The executive committee of directors of the company, on February 3, passed the resolution in connection with the proposed placement of equity shares to qualified institutional buyers.
The proposal was already approved by the resolution passed by the board of directors of the company on November 11, 2014 and a special resolution passed by the shareholders of the company through postal ballot on January 11, 2015 for an amount not exceeding Rs 350 crore.
The company said that the QIP draft is proposed to be filed with the Bombay Stock Exchange & National Stock Exchange and the Registrar of Companies, West Bengal at Kolkata. Religare Capital Markets is the book running lead manager to the issue.
At 11:38 hours IST, the scrip of Ashiana Housing was quoting at Rs 228.90, up Rs 12.65, or 5.85 percent on the BSE.