Sigachi Industries is seeking to raise funds from promoters and other investors through the issuance of equity or convertible warrants on a preferential basis.
Shares of Sigachi Industries increased 11% in Friday’s trading due to the company’s plans to raise funds through the issuance of equity shares or convertible warrants.
Sigach Industries announced in an exchange filing that the company board will meet next week on January 10 to discuss the fund-raising plan.
Sigachi is seeking to raise funds from promoters and other investors through the issuance of equity or convertible warrants on a preferential basis, subject to necessary approvals.
After the announcement, shares of Sigachi Industries increased 11% to reach a high of ₹ 304.90 before partially recovering some of the gains. It was later trading at a price below ₹ 300.
Sigachi Industries’ IPO shares, listed in November 2021, were issued at ₹ 163 each. The company raised ₹ 125 crore through its initial public offering. With a market capitalization of less than ₹ 1,000 crore, Sigachi Industries’ shares have delivered a return of 88% over their issue price to date.
However, the stock has fallen 25% from its 52-week high of ₹ 411.
Sigachi Industries is involved in the manufacturing of Microcrystalline Cellulose (MCC), a substance commonly used as an excipient in finished dosages in the pharmaceutical industry. The company produces MCC of various grades from 15 microns to 250 microns, with the major grades being branded as HiCel and AceCel.
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