McNally Bharat Engineering Company, engaged in providing turnkey solutions, witnessed a sharp rise in share price on Wednesday after it announced that it has entered into an agreement with EMC and Williamson Magor Group, existing promoters, to enable an additional equity investment of up to Rs 1 billion as primary capital into McNally.

The board of the company has approved the proposed investment by EMC in the company. Earlier, MKN Investments, a group company of EMC, had made an investment of Rs 500 million in March 2015 in the company and it holds 12.5% stake in the company.

Shares of Mcnally Bharat Engineering Company are trading at Rs 94.90, up Rs 15.8, or 19.97% at the Bombay Stock Exchange (BSE) on Wednesday at 10:51 a.m.

Total volume of shares traded on the bourses today was higher by 5,773.08% to 2,256,638 compared with 22-day average volume of 38,423.