GI Engineering shares rise 4%; announces another project in film production

Shares of GI Engineering Solutions rose sharply during Friday's trade after the company announced another mega project in the film production. The company had recently ventured in the business and had announced to produce the second installment of 'Haseena Maan Jayegi' as its first project.

Earlier this week, GI Engineering Solutions announced the addition of a new business division, which has now been named as 'Teamo Productions HQ' to reflect the business activities more appropriately. Under the new division, the company will venture into the business of film production, distribution and allied services.

As its second project, the company has inked pact with Bollywood director Kunal Kohli for its movie titled 'Unveiling the Don: The Untold Story of D', a story diving deep into the enigmatic life of one of the world's most wanted notorious crime lords, the company said in the exchange filing.

"We are very pleased to collaborate with Kunal again. We just did a film 'Bobby Rishi Ki Love Story' with him. The film has been shot beautifully and it's going to air on JioCinema. It's wonderful to continue our association by going into the next, much bigger project," said Mohaan Nadaar, Managing Director of the division.

Following the announcement, shares of GI Engineering Solutions rose 4 per cent to Rs 12.45 on Friday, before giving up its gains partially. The stock had settled at Rs 11.95 on Thursday. The stock has surged about 30 per cent in the month of August so far, while the stock has surged more than 190 per cent from its 52-week low at Rs 4.34 hit a year ago.

Earlier, the company has announced its partnership with bollywood director and writer Farhad Samji for the sequel of the iconic film 'Haseena Maan Jayegi', titled as 'Haseena Maan Jayegi-2’ as its first project under its new division, the company said in the media release on Wednesday.

Earlier this month, the company board had also considered and approved up to 5,00,00,000 fully convertible warrants, carrying a right exercisable by the warrant holder to subscribe to one Equity Share having face value of Rs 10 per warrant, to persons belonging to non-promoter and public category on preferential basis at an issue price of Rs 15 per warrant.

The company is looking to raise Rs 75 crore through the issue of these warrants. However, the issuance of the warrants is subject to the approval from shareholders and other statutory approvals, it added.

GI Engineering is conventionally an engineering design company specializing in civil engineering activities and ancillary services. It subsequently ventured into a wide range of civil engineering services including land planning, land surveying and landscape architectural services among others.

Also read: Hot stocks on August 25, 2023: Brightcom Group, Jio Financial, Texmaco Rail, Vodafone Idea and more

Also read: RIL shares in focus as firm may sell 8-10% additional stake in Reliance Retail: Report