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Shares of renewable energy developer Entegra spurted by nearly 20 per cent in early trade on the BSE today as investors cheered the company’s plan to raise Rs 1,500 crore through private placement of shares or a follow-on public offer.
Reacting positively to the move, the company’s counter on the BSE zoomed by 19.83 per cent to hit the upper limit of Rs 28.40 in early trade.
In a similar fashion, shares of the company skyrocketed by 20 per cent to a high of Rs 28.20 on the National Stock Exchange.
The board of directors of the company considered and passed a resolution to raise the funds at its meeting held on March 7. The board granted permission to raise funds through a follow-on issue of equity shares, or any other convertible instrument on a private placement basis, or qualified institutional placement.
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