New Delhi, Feb. 4 -- Shares of Standard Capital Markets, a penny stock trading below Re 1, hit the 5 percent upper circuit at Rs.0.90 after the company announced a fundraise of Rs.27 crore.

The company, in an exchange filing, stated that its Board of Directors approved the allotment of 2,700 unrated, unlisted, secured Non-Convertible Debentures (NCDs) on a private placement basis. These NCDs, each carrying a face value of Rs.1,00,000, amount to a total issuance worth Rs.27 crore.

The move aligns with previous announcements made on multiple occasions, including October 24 and 30, November 12, December 20, and January 15, 17, 20, and 31. The fundraising is expected to strengthen the company's financial position and support its operational...