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Azad Engineering shares rose 9% intraday to Rs 775.80 against the previous close of Rs 711.70 on BSE. Market cap of Sachin Tendulkar-backed Azad Engineering rose to Rs 4492 crore.
The Rs 740-crore issue consists of a combination of fresh shares of Rs 240 crore by the company and an offer-for-sale of shares worth Rs 500 crore by existing shareholders