Gallantt Ispat share price rose nearly 8 percent intraday on September 29 after board approved investment up to Rs 135 crore in the subsidiary company.
"... board on the recommendation of the Audit Committee, has approved an investment up to Rs 135 crore in the equity capital of Gallantt Industry Private Limited (GIPL), wholly owned subsidiary of the company," company said in its release.
The said investment is inclusive of earlier sanctioned investment limits of Rs 70 crore.
The board therefore, has approved a fresh investment of Rs 65 crore in the equity capital of GIPL in trenches under different modes of subscribing, issuing and allotment of shares by GIPL.
The mode of investment shall be decided as per the convenience of both the Companies.
At 13:08 hrs Gallantt Ispat was quoting at Rs 57.25, up Rs 3.85, or 7.21 percent on the BSE.
The share touched a 52-week high of Rs 69.90 and a 52-week low of Rs 26.25 on 02 August, 2021 and 13 November, 2020, respectively.