Kesoram Industries shares hit upper circuit on Monday after the BK Birla group company on Saturday said its board has approved a proposal for raising up to Rs 650 crore through issue of securities. The share price of Kesoram Industries gained nearly 5 per cent to Rs 114.80 on BSE.
On NSE, the scrip climbed 4.99 per cent to Rs 114.75.
The board also approved disposal and transfer of the company’s Spun Pipe and the Heavy Chemicals undertakings both located in West Bengal. Such disposal will be subject to receipt of such permissions and consents, if any, that may be required.
Further, the company’s board approved divestment of certain of its investments in listed companies at prevailing market prices for the purpose of enhancing cash inflows.
The scrip opened at Rs 113 and touched a high and low of Rs 114.80 and Rs 111.90 respectively.
The promoters holding in the company stood at 46.01 per cent while institutions and non-institutions held 8.77 per cent and 45.22 per cent respectively.
For the quarter ended September 2015, Kesoram Industries posted net loss of Rs 144.43 crore against net loss of Rs 250.63 crore in the corresponding quarter a year ago.
Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, rayon, paper, heavy chemicals and spun pipes. The company is also listed on Societe de la Bourse de Luxembourg stock exchange.