Dev Information Technology shares jump 8% to hit a new 52-week high. Here's why

Shares of Dev Information Technology Ltd surged about 8 per cent during the trading session on Tuesday to hit a new 52-week high as the company announced its EGM to consider fundraising plans. The company informed about the same through an exchange filing on Monday.

"We would like to inform you that the extra-ordinary general meeting of the company is scheduled to be held on Tuesday, January 09, 2024, through video conferencing and other audio-visual means to transact the business set out in the notice," said the company in an exchange filing.

The meeting will consider the proposal to offer, issue and allot equity shares on preferential basis for consideration other than cash, it said. The cut-off date to vote on EGM resolutions has been declared as Thursday, January 4, 2024, added the exchange filing.

Following the announcement, shares of Dev Information Technology rose about 8 per cent to Rs 167.40 on Tuesday, it new 52-week high, with a total market capitalization of close to Rs 375 crore. The scrip was settled at Rs 155.10 crore on Monday. The stock is up about 100 per cent from its 52-week low.

Earlier this month, the company had announced to raise funds by way of preferential issue on private placement basis. The company will offer 2,96,296 equity shares at an issue price of Rs 135 apiece aggregating to Rs 4 crore to select allottees, it said in a separate exchange filing.

A day earlier, Dev Information Technology, a provider of comprehensive technology solutions for digital transformation using cloud, automation, and data technologies,  announced its acquisition of Dhyey Consulting Services Private Limited, through an exchange filing. The decision was unanimously approved by the board of directors for a consideration of Rs 9 crore.

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