New Delhi, May 25 -- Penny stock Shah Metacorp jumped more than 6% on Monday, 25 May, after the company announced plans to raise up to Rs.49.80 crore through a rights issue to fund its expansion initiatives and strengthen its financial position.

According to the company's filing, the rights issue will open for subscription on 11 June and close on 24 June. The issue is priced at Rs.4.86 per share, offering existing shareholders an opportunity to increase their stake at a discount to the market price. The stock had closed at around Rs.5.09 per share on 23 May. The last date for on-market renunciation of rights entitlements is 22 June.

The issue comprises up to 10.24 crore fully paid-up equity shares with a face value of Re 1 each, aggrega...