Shares of Ansal Properties & Infrastructure surged 5% on Monday after the company said it will raise Rs 350 million through issue of warrants to non-promoters, as part of its plan to raise Rs 1 billion in the next few months.

The company in its board meeting on Friday, approved the issue and allotment of 5,00,10,000 Warrants to Non Promoter (Public) investors, which would eventually be converted into equity share of the company giving the investors 5,00,10,000 of equity shares representing 24.11% of the post issue equity outstanding. For this, a total of Rs 350 million will be invested through warrants and will be utilized for reducing debt and speed up development on existing projects.

Commenting on the outcome of the board meeting, Pranav Ansal, Vice Chairman and Whole Time Director of Ansal Properties and Infrastructure said, "The company has plans to raise of Rs 1 billion through various means and today's decision to issue warrants to non- promoters to raise Rs 350 million is the first step in this direction. The decision strengthens the fact that the management continues to focus towards streamlining the operations and reduce the number of projects which are ongoing."

"We are committed to reduce the debt at a very fast pace as has been done in the past 12 to 18 months by settling debts with various lenders. Since the funds would be required immediately, therefore the capital raise of Rs 350 million has been structured to ensure the inflow of funds in a short span of time. Company is exploring other options also to raise further capital to garner close to Rs 1 billion in the next few months. As and when deals are materialized, it shall be informed to the board and necessary approvals shall be taken," Ansal said.

Shares of Ansal Properties and Infrastructure are trading at Rs 8.34, up Rs 0.39, or 4.91% at the Bombay Stock Exchange (BSE) on Monday at 11:44 a.m.

The scrip has touched an intra-day high of Rs 8.34 and low of Rs 8.15. The total volume of shares traded at the BSE is 28,694.

In the earlier session, the shares rose 4.88%, or Rs 0.37, at Rs 7.95.

Currently, the stock is trading all time 52-week high, which is above 145.29% over the 52-week low of Rs 3.40.