Multibagger stock under Rs 100 hits 52-week high on fund raising plans of Rs 5,000 crore!

The stock gave multibagger returns of 105 per cent in 2 years whereas BSE Sensex Index is up by 20 per cent.

Today, one of the Top Gainers on BSE, shares of GMR Airports Infrastructure Ltd surged 4.30 per cent to make a 52-week high of Rs 54.50 per share from its previous closing of Rs 52.25. Currently, the stock is trading at Rs 53.12 per share, up 1.67 per cent.

The company inform you that a meeting of the Board of Directors of GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Limited) (the Company) is scheduled to be held on Monday, August 14, 2023, to inter-alia, to consider and approve the following:

1) Unaudited financial results of the company (Standalone and Consolidated) for the quarter ended June 30, 2023.

2) Raising of funds up to Rs 5,000 crore in one or more tranche(s), through the issue of securities including a Qualified Institutions Placement and/or Foreign Currency Convertible Bonds and/or any other securities as an enabling resolution as per the requirements of applicable laws which shall be subject to the approval of shareholders and other regulatory and/or statutory approvals, as applicable.

GMR Infrastructure is primarily involved in airport development, maintenance, and operation, power generation, coal mining & exploration activities, highway development, maintenance, operation of special economic zones and construction business including engineering, procurement and construction (EPC) contracting.

The shares of the company saw a spurt in volume by more than 1.05 times on BSE. The stock gave multibagger returns of 105 per cent in 2 years whereas BSE Sensex Index is up by 20 per cent. Investors should keep an eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.