New Delhi, June 20 -- Infibeam Avenues share price rallied over 3% on Friday after the company approved the launch of rights issue to raise up to Rs.699.99 crore. The small-cap stock gained as much as 3.54% to Rs.22.22 apiece on the BSE.

The Rights Issue Committee of Infibeam Avenues, at its meeting held on June 19, approved raising funds of up to Rs.6,99,98,57,230 through the rights issue. Infibeam Avenues' promoter group has announced its participation in the company's Rights Issue.

"The Promoter and Promoter Group have confirmed that they will subscribe to the rights entitlements to the full extent and may renounce them, in full or in part, only in favour of members of the Promoter and Promoter Group. They also intend to subscribe to...