New Delhi, Oct. 7 -- Penny stock Elitecon International was locked in a 5% upper circuit on Wednesday, 7 October, after the company announced that its board will meet on 12 October to consider a proposal for raising funds.

According to the company's exchange filing, the board will consider and, if deemed appropriate, approve a fundraise through the issuance of equity shares and/or other eligible securities.

The proposed fundraising could include instruments such as preference shares, convertible or non-convertible debentures, warrants and other securities convertible into or exchangeable for equity shares.

The company said the fundraise may be undertaken through one or more permitted routes, including a qualified institutions placement...