New Delhi, Jun 23 (PTI) Shares of Info Edge (India) on Tuesday surged nearly 7 per cent after the company's board of directors approved fund raising of up to Rs 1,875 crore.

On the BSE, the scrip jumped 6.85 per cent to close at Rs 2,960.40. During the day, it zoomed 7.78 per cent to Rs 2,986.20.  

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It rose by 6.52 per cent to settle at Rs 2,949.95 on the NSE.

The company's board of directors has approved fund raising of up to Rs 1,875 crore through issue of equity shares via qualified institutions placement (QIP).

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"(The board approved) raising of funds through issue of equity shares of face value of Rs 10 each of the company by way of QIP to eligible qualified institutional buyers for an aggregate amount not exceeding Rs 1,875 crore... subject to the approval of the members of the company," the company said in a BSE filing.

Meanwhile, Info Edge (India) on Monday posted over 63 per cent decline in consolidated net profit at Rs 119 crore for the quarter ended March 2020.  

The company had registered a net profit of Rs 325.2 crore in the year-ago period, it said in a filing to the BSE.

Its consolidated income from operations, however, increased 7.8 per cent to Rs 327.5 crore in January-March 2020 quarter from Rs 303.8 crore in the year-ago period.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)