Shares of Oracle Credit were trading higher on March 28 after the company’s board of directors approved its fundraising plan. “Subject to approval, the company will raise up to Rs 49 crore by way of the rights issue to eligible equity shareholders on the record date,” the company wrote in a bourse filing.

The rights issue of equity will also increase the company’s share capital to Rs 250 crore from the existing Rs 10 crore.

Oracle Credit is a non-bank financial company with a market capitalization of Rs 43.44 crore. The company is in the business of making loans and making investments. At 10:00 am, shares of Oracle Credit were locked at the 5% cap at Rs 62.62.

Despite today’s session gains, the stock is still down about 81% from the all-time high it tested last October. For Q3FY23, the company posted a net profit of Rs 74.56 lakh, up 28.6% QoQ, on revenue of Rs 173.71 lakh, up 59% QoQ.