Gammon Infra surges 10.79% on rights issue plans

Shares of Gammon Infrastructure Projects jumped nearly 11 per cent 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.

Following the move, the stock advanced 10.79 per cent 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 per cent 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 Bombay Stock Exchange benchmark Sensex was trading at 18,388.25, down 143.03 points, at 11.33 am.