Small-cap FMCG stock Sarveshwar Foods hits 52-week high after declaration of fundraise

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₹13.50 apiece on BSE. This intraday high turned out its new 52-week peak as well.

So, the small-cap stock touched a new 52-week peak after the announcement of fundraising via the issuance of fresh shares. The small-cap FMCG company informed Indian stock market bourses about the fundraising move saying, "In terms of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in their meeting held on today i.e.

Thursday, February 22, 2024, inter-alia considered and approved fund raising to augment t6he long-term financial resources." Also Read: Jio Financial Services shares jump 14%; m-cap crosses ₹2 lakh crore The FMCG company went on to add that in terms of the company’s long-term business growth plans and to augment the long-term financial resources of the Company through raising funds by way of the following methods: A] Preferential Issue of ₹98.94 crore: By way of creating, issuing and allotting up to 10,20,00,000 (Ten Crores and Twenty Lakhs Only) fully Convertible Warrants ('Warrants'), carrying a right exercisable by the Warrant holder to subscribe to one Equity Share having face value of Re.1/- per Warrant, to persons belonging to “Non-Promoter, Public Category", as detailed in Annexure-I, on preferential basis at an issue price of Rs. 9.70/- (Nine Rupees and Seventy Paisa Only) per Warrant, which is higher than the floor price determined in accordance with the provision of Chapter V of SEBI ICDR Regulations, payable in cash for aggregating amount of up to Rs.