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Ajmera Realty & Infra India stock surged by 9% to ₹874.70 apiece in today’s afternoon trade deals after the company disclosed key developments from its board meeting held on October 18, 2024.

In a regulatory filing today, the company announced that its Board has approved the issuance and allotment of 3,164,557 equity shares at an issue price of ₹711 each. Subject to shareholder and regulatory approvals, this preferential allotment is expected to generate around ₹225 crore.

“The company approved the issue and allotment of 31,64,557 (thirty-one lakhs, sixty-four thousand, five hundred and fifty-seven) equity shares, having a face value of ₹10 per equity share, to identified allotees (more particularly described in Annexure 1 of this outcome) on a prefential basis at an issue price of ₹71 per equity share, aggreging ₹225 crore for cash, subject to the shareholders’ approval and other statutory approvals,” the company said in today’s exchange.