New Delhi, March 4 -- Azad Engineering share price rallied over 4.79 per cent on Tuesday's trading session after the company raised Rs.700 crore via a qualified institutional placement by issuing 54.68 lakh shares at Rs.1,280 each, reflecting a 1.77 per cent discount to the floor price of Rs.1,303.08.

At 10:00 am, the Azad Engineering stock reached an intraday high to Rs.1,278.35 apiece, despite market crash. However, the shares have fallen over 5 per cent in last five trading sessions amid market reeling.

The company's board, during its meeting on January 3, approved a proposal to raise funds by issuing equity shares for a total amount of up to Rs.1,000 crore, with or without a greenshoe option.

The company announced that it may, at i...