New Delhi, June 10 -- Shares of Super Micro Computer, a developer of modular server and storage solutions, plunged 15% on Wednesday, 10 June, hitting an intraday low of $36.50, as investors reacted negatively to the company's plans to raise $7 billion.

The company said late Tuesday that it plans to raise $7 billion through a series of equity and equity-linked financing packages to help satisfy surging demand for its servers and storage systems.

It is planning to offer $5 billion in new common and preferred shares and raise an additional $2 billion through an at-the-market (ATM) offering in July or later. ATM offerings allow companies to gradually sell new shares into the market instead of issuing them in one large block, according to a ...