Jyoti Structures up 13%, Aion Cap invests Rs 300 cr in co

Jyoti Structures shares rallied 12.6 percent in early trade Friday on a report that Aion Capital Partners invested Rs 300 crore in the company.

Aion is a joint venture between Apollo Global Management and ICICI Venture. According to a media report, this investment in Jyoti Group will be in the form of long-dated structured securities resulting in a significant minority stake and will be in tranches linked to certain performance milestones. The money will be utilised by the listed parent and will also facilitate business expansion in its overseas subsidiary in the US, the report says. Mumbai-based company's main business focus areas are transmission lines, substations and distribution projects. Meanwhile, net profit of the company declined to Rs 16.34 crore in the quarter ended June 2013 from Rs 17.34 crore in a year ago period. Income from operations increased to Rs 710.05 crore from Rs 653.82 crore during the same period. At 09:28 hours IST, the stock gained 9.44 percent to Rs 22.60 amid high volumes on the Bombay Stock Exchange.