Shares of Sigachi Industries (SIL) rose more than 8% in morning trade on January 9 before the board met to consider a fundraising proposal.

Shares have soared more than 30% in the past three days. At 10:09 am, Sigachi Industries was quoted at Rs 356.85 on the BSE, up Rs 27.50, or 8.35%. It touched an intraday high of Rs 358.00 and an intraday low of Rs 336.05.

“SIL’s board meeting will be held on Tuesday to consider the proposal to raise capital through a preferential issue of equity or convertible warrants to promoters and non-promoters, subject to the necessary approvals/permissions,” the company said.

Credit rating agency CARE recently reaffirmed Sigachi Industries’ long-term bank funding rating of CARE A-and long-term/short-term bank funding ratings of CARE A- and CARE A2.

The company made its stock market debut on November 15, 2021. The company issued shares at an issue price of Rs 163 per share. Earlier, the stock hit an all-time high of Rs 648 on November 17, 2021, followed by an all-time low of Rs 231.30 on June 21, 2022.

The company’s revenue rose 44% in the September quarter, while net income was also up 38% from a year earlier.

Sigachi Industries manufactures Microcrystalline Cellulose (MCC), which is widely used as an excipient in finished dosages in the pharmaceutical industry. The company produces various grades of microcrystalline cellulose from 15 microns to 250 microns. The leading brands of microcrystalline cellulose produced and sold by the company are HiCel and AceCel.