Shares of Sigachi Industries rose 11 per cent in Friday’s trade, as the company is looking to raise funds via issue of equity shares or convertible warrants.
Sigach Industries, in an exchange filing, said that the company board is scheduled to meet next week on January 10 to consider the fund-raising plan.
Sigachi is looking to raise funds from promoters and other investors by issuing equity or convertible warrants on a preferential baiss, subject to neccessary approvals.
Following the announcement, shares of Sigachi Industries jumped 11 per cent to hit a high of Rs 304.90, before paring up some of the gains. It was later trading at a sub-Rs 300 level.
Listed in November 2021, Sigachi Industries’ IPO shares were issued at Rs 163 apiece. The company raised Rs 125 crore via its initial stake sale.
With a market capitalisation of less than Rs 1,000 crore, Sigachi Industries delivered a return of 88 per cent over its issue price till date.
That said, the stock has fallen 25 per cent over its 52-week high of Rs 411.
Sigachi Industries is engaged in manufacturing of Microcrystalline Cellulose (MCC) which is widely used as an excipient for finished dosages in the pharmaceutical industry.
The company manufactures MCC of various grades ranging from 15 microns to 250 microns and the major grades of MCC manufactured and marketed by the company are branded as HiCel and AceCel.