New Delhi, June 20 -- Sharanam Infraproject share price was locked in at 5% upper circuit on Friday, amid a rally in Indian stock market. Sharanam Infraproject shares were up 5% at Rs.0.43 apiece on the BSE.

Building materials and real estate services provider Sharanam Infraproject and Trading announced that its board of directors has approved the incorporation of a Wholly Owned Subsidiary (WOS) in the United Arab Emirates (UAE) with a proposed investment of up to Rs.40 crore.

This proposed subsidiary will serve as the Company's strategic international arm and will be incorporated under the applicable legal framework in Dubai, UAE, Sharanam Infraproject and Trading said in a regulatory filing on June 19.

The company proposes to invest ...