Share of SREI Infrastructure Finance hit the upper circuit of 20 percent after the firm received expression of interest for up to $250 million capital infusion. The microcap stock has gained after 2 days of consecutive fall.
The share opened with a gain of 18.8% today. It further rose to intraday high of Rs 7.02, rising 20%. The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. There were only buyers and no sellers for the stock today. Market cap of the firm stood at Rs 353 crore. In one year, the share has risen 73.76% and gained 6.36% since the beginning of this year.
Srei Equipment Finance said on April 8 that it has received an expression of interest for up to $250 million capital infusion in the company from US-based Arena Investors LP and Singapore's Makara Capital Partners.
The company's strategic coordination committee (SCC), chaired by independent director Malay Mukherjee, will coordinate, negotiate, and conclude discussions with the PE investors for capital infusion and advise the management. Ernst & Young will advise the committee on the proposed fundraising exercise.
Meanwhile, Sensex was trading 48 points lower at 49,698 and Nifty slipped 18 points to 14,858 in early trade.