Stock market news: Shares of this company in focus post acquiring 36 acres for solar project, check details

Following the conversion, the issued and paid-up capital of the Company has increased to ₹21,00,09,000, comprising a total of 21,00,09,000 equity shares of ₹1 face value.

Stock market news: In a significant business development, shares of RDB Infrastructure and Power Ltd, a residential and commercial project development company, are seeing a rise of 5 per cent today. The reason behind this surge is the latest information provided by the company after market hours on April 7. In its exchange filing, the company stated that it shad acquired an industrial plot from Nava Raipur Atal Nagar Vikas Pradhikaran for setting up solar cell manufacturing and related industries. Here are all the details you need to know about the shares of RDB Infrastructure and Power Ltd.

How are shares of the company performing?

The land covers approximately 36.45 acres and is valued at approximately ₹36.89 crore (approximately $3.68 billion). The land will be leased for 90 years, with an agreement to be signed within 90 days, and the lease rent will be revised every 30 years.

The company’s stock was trading at ₹34.30, up 4.45%, or ₹1.46, on the BSE at the time of writing the report. Its market cap currently stands at ₹701.04 crore.

What company said in its stock filing?

The company recently stated in a filing that its board members have approved the conversion of 56,25,000 warrants into equity shares by a resolution passed through circulation. These shares will each have a face value of ₹1 and have been issued to Sarwamangala Capital (non-promoter category) on a preferential basis.

This allotment has been made after receiving a total of ₹17,08,59,375 (75% of the amount) at the rate of ₹40.5 per warrant. Following this conversion, the issued and paid-up capital of the Company has increased to ₹21,00,09,000, comprising a total of 21,00,09,000 equity shares of ₹1 face value.

How are stock market benchmark indices Sensex and Nifty performing?

Meanwhile, stock market benchmark indices Sensex and Nifty surged in early trade on Wednesday following a sharp rally in global peers and a significant drop in crude oil prices after the US and Iran announced a two-week ceasefire.

The 30-share BSE Sensex jumped 2,775.73 points or 3.71 per cent to 77,392.31 in early trade. The 50-share NSE Nifty surged 815.2 points or 3.52 per cent to 23,938.85.