New Delhi, July 5 -- Elitecon International, an erstwhile penny stock that has seen its shares rally from near Rs.1 level to over Rs.75 currently, announced post-market trading hours on Friday that its board will meet next week to consider certain business matters, including fundraising of about Rs.300 crore, preferential share issue and acquisition of an overseas company.

Elitecon International, in an exchange filing, said that a board meeting is scheduled to take place on Wednesday, July 9. As per the details of the filing, the company's board will consider the acquisition of an overseas business entity.

Additionally, the penny stock's board will also take up the matter of a fundraising of Rs.300 crore via qualified institutional plac...