Shakti Pumps (India) is really pumped up today! Intra day, the stock rose almost 11.5% to Rs.179.40 and is now at Rs.174 levels, up 8%. Volumes are up over 4 times and its 52-week high stands at Rs.215.

The reason for the spike up? Yesterday, its Board of Directors met and approved the Conversion of 15,00,000 Compulsory Convertible Preference Shares of Rs. 100/- each held by AFHoldings into 16,36,363 Equity Shares of Rs. 10/- each.

This is to be done in the ratio of 1: 1.0909, constituting 8.90% of the paid up share capital of the Company on fully diluted basis and ranking pari passu with the existing equity shares of the Company and allotment to AFHoldings.