Gammon Infra surges by 10.79% on bourses on rights issue plans

Shares of Gammon Infrastructure Projects jumped by nearly 11 % in morning trade on the bourses today after the company said its board will meet on May 19 to consider a rights issue of shares.

Shares of Gammon Infrastructure Projects jumped by nearly 11 % in morning trade on the bourses on Monday after the company said its board will meet on May 19 to consider a rights issue of shares.

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Following the move, the stock advanced by 10.79 % to touch an early high of Rs 19.50 on the Bombay Stock Exchange, while on the National Stock Exchange, it climbed by 10.79 % to touch a high of Rs 19.50.

In a filing to the stock exchange after market hours on Friday, Gammon Infra said its board of directors will meet on May 19 to consider a rights issue of shares as well as the declaration or passing over of a dividend by the company.

Meanwhile, the BSE benchmark Sensex was trading at 18,388.25, down 143.03 points, at 1133 hours.