Rushil Decor shares hit 20% upper circuit as board mulls fundraising

Shares of Rushil Decor hit an upper circuit on Thursday after the company informed about its board meeting to raise funds. The company board will be meeting a week later, that is, on Thursday, October 26 to consider the fund-raising plans. The company informed the same through an exchange filing on Thursday.

"The company board of Rushil Decor will consider and approve the raising funds by issue of equity shares, or any other financial instruments convertible into equity shares by way of preferential allotment or private placement or qualified institutional placement or right issue basis or any combination thereof or any other method as may be permitted under laws," it said.

Following the announcement, shares of Rushil Decor were locked in the buyers circuit of 20 per cent to Rs 350.15 on Thursday, commanding a total market capitalization of close to Rs 930 crore. The scrip had settled at Rs 291.80 in the previous trading session on Wednesday.

Shares of Rushil Decor have rallied about 75 per cent from its 52-week low at Rs 202.37, hit in March 2023. The company has gained more than 30 per cent in the last six months, while it is up about 25 per cent in the last three-months period. The stock has zoomed about 550 per cent from its covid-19 lows.

Ahmedabad-based Rushil Décor is one of the Laminate and MDF panel boards industry players in India with a global footprint in more than 50 countries. The company, incorporated in 1993, markets its product under the flagship brand named VIR.

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