Bengaluru, June 25 -- This EV and telecom solutions stock surged over 18% on Wednesday after its board approved a Rs 260 crore rights issue and the conversion of a Rs 283 crore loan into equity in its Netherlands-based subsidiary.

With the market capitalization of Rs 2,458 Crores, the shares of Exicom Tele-Systems Ltd jumped up to 18% making an intraday day high of Rs 215.30 per share from its previous closing price of Rs 181.95 per share. Exicom Tele-Systems Ltd, in its filing today, stated that the company's Board has approved two key decisions.

The first is the approval to raise up to Rs 260 crore through a rights issue of fully paid-up equity shares of Rs 10 each. The issue will be offered to eligible shareholders as on the record d...