Shares of specialty restaurants rose 11% to hit a new high of Rs 278.50 on Tuesday on the BSE in intraday trade.

Shares of the restaurant company have soared 16% over the past two days ahead of an extraordinary general meeting (EGM) on Wednesday, January 18, 2023, which will be held to gain shareholder approval for fundraising via preferential issues to non-promotors.

The stock has risen 41% over the past month, compared with a 1.4% decline in the S&P BSE Sensex index. Moreover, it has nearly doubled in the past six months, gaining 98%, compared with the benchmark index’s gain of 12.5%.

On December 21, 2022, the Board of Directors of Specialty Restaurants approved the issuance of 6 million warrants, each warrant convertible or exchangeable for one share in the company at Rs 212.05 per share, amounting to Rs 127.23 crore, to be distributed to promoters Other than the assignee on a preferential basis.

To obtain the approval of the company’s shareholders for the above matters, the board of directors will hold an extraordinary general meeting of shareholders on January 18, 2023.

Specialty restaurants have proposed allocating 1 million warrants each to Nexpact, Ekta Halwasiya and AG Dynamic Funds and 0.5 million warrants each to JE Impex DMCC and Varun Agarwal.

Specialty Restaurants has been in the restaurant and confectionery business for over 25 years in India, Qatar, UAE and the UK.