GVK Power & Infrastructure announced that its board of directors approved the allotment of equity shares of the company, not exceeding Rs 10 bilion (with a green shoe option to retain up to Rs 5 billion from the excess subscriptions received).

The stock had underperformed the market over the past one month till May. 28, 2014, falling 14.21% compared with the Sensex's 8.50% rise.

It underperformed the market in past one quarter, declining 21.31% as against 16.27% rise in the Sensex.

Shares of the company declined Rs 0.72, or 4.09%, to settle at Rs 16.90. The total volume of shares traded was 2,624,717 at the BSE (Thursday).