Sylph Technologies shares surge 10% after announcing fundraising plan

Sylph Technologies shares rose to ₹ 1.27 on December 6, hitting the 10% upper circuit limit after the company announced a fundraising plan through a rights issue. The stock opened at ₹ 1.25, up from ₹ 1.16. The company plans to raise ₹ 49 crore by issuing new equity shares to eligible shareholders. The record date for the rights issue will be announced later, pending regulatory approvals. Despite the recent gains, Sylph Technologies has seen a decline of over 36% in the past six months and more than 68% year-to-date. The company specializes in software development services.