Share of Shalby Ltd grew over 12% intraday in Tuesday's early session after the company board approved reducing the promoters holding in the company and approved raising of funds.
The company board in its meeting held on September 28, 2020, has passed a resolution to reduce the promoters' holding from the current 79.45% to 75%, as per the mandatory requirement by SEBI and to increase public shareholding to at least 25%, the company said in the regulatory release.
The board approved raising of capital for an amount aggregating up to Rs 1170.15 million, subject to the approval of shareholders and/or other regulatory/statutory approvals.
Following the news, Shalby stock gained 12.43% to the intraday high of Rs 90 against the earlier close of Rs 80.05 on BSE. The stock price of Shalby opened with a gain of 4.81% today at Rs 83.0 and also hit an intraday low of Rs 82 today.
The highly volatile stock has risen 20% in one week and 1% in one month. Market capitalisation of the firm stood at Rs 953.73 crore. Shalby share price stands higher than 5, 20, 50, 100 and 200-day moving averages.
The share price of Shalby touched its 52-week high of Rs 123.05 on November 4, 2019 and 52-week low Rs 40.05 on 24 March 2020, respectively.
The board has also affirmed the continuance of Shyamal Joshi as the Director in the category of Non-Executive Non-Independent Director of the company with effect from September 15, 2020, until otherwise resolved, subject to the approval of members of the company.
It also approved the amendment in 'Code of Conduct for Prevention of Insider Trading and Fair Disclosure of Unpublished Price Sensitive Information', which will also be effective from September 29, 2020.Share Market Highlights: Sensex, Nifty end tad lower; ONGC, Axis Bank, HCL Tech, IndusInd Bank top losers