Shares of MapmyIndia surged up over 6% on Thursday morning to hit an intraday high of ₹2,323.

What Happened: The surge today comes as the company on Wednesday informed that it would be holding a board meeting to consider raising funds. The board will look at “raising the funds by way of issuance of
equity shares through a private placement, a qualified institution placement, preferential issue or any other method or combination of methods,” the tech company said in an exchange filing.

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The board meeting is scheduled for Nov. 27. The geotech company, released its earnings for the quarter ending September earlier this month. The company’s profit after tax rose by 30.4%, reaching ₹33.1 crore, compared to ₹25.4 crore in the same quarter of the previous year.

Revenue from operations, which increased by 19.4% to ₹91.1 crore. This is a significant rise from the ₹76.3 crore reported in the corresponding quarter of the previous year. Mark Mobius’ Mobius Capital Partners LLP holds a 0.74% stake in MapmyIndia.

Price Action: MapmyIndia’s share price was up 2.80% to trade at ₹2,242.70 in early trade on Thursday.

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