News

Integrated Hitech share price was locked in a 20% upper circuit at ₹4.94 apiece on the BSE on Thursday, extending its rally for the fifth consecutive trading session. The penny stock has now hit the upper circuit for the third straight session and has surged 79% over the past five trading days.

The rally in Integrated Hitech share price comes even as the Indian stock market crashed today following weak global cues. The benchmark indices Sensex and Nifty 50 tanked more than 2% each, weighed down by heavy selling across sectors.

Integrated Hitech shares gained ahead of the meeting of the company’s board of directors, scheduled to be held on Friday, March 20, to consider the fundraising plan.

The board of directors of Integrated Hitech will consider and approve a proposal to raise funds through the issuance of equity shares or other equity-linked instruments, convertible loans, or securities such as convertible preference shares and fully or partly convertible debentures.

The company may also explore a composite issue of non-convertible debentures along with warrants, which would entitle holders to apply for equity shares or other eligible securities.

The fundraising could be undertaken via multiple routes, including private placement, one or more Qualified Institutional Placements (QIPs), further public offerings of debt or equity, preferential allotment, or a rights issue, or through any other permissible mode, either individually or in combination, Integrated Hitech had said in a regulatory filing on March 16.

Integrated Hitech share price has rallied over 47% in one month and has jumped 59% on a year-to-date (YTD) basis. The penny stock has surged 65% in six months, but it has declined 21% in one year. Integrated Hitech shares have dropped 39% in two years.

At 2:05 PM, Integrated Hitech share price was still locked at 20% upper circuit of ₹4.94 apiece on the BSE.

Catch Stock Market Live Updates here

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories