Fulford India said that the company had raised Rs 402.5 million by issuing 7,00,000 equity shares of Rs 10 each at a premium of Rs 565 a share, to its promoters Dashtag.

The funds were raised to provide capital in order to permit the company to strengthen its position in the market and act on strategic business growth opportunities, as stated in the explanatory statement to the notice dated Oct. 16, 2006 convening the extra-ordinary general meeting of the company on Nov. 15, 2006.

Out of the aforesaid amount, the company has utilized Rs 17 million towards business expansion during the quarter ended Jun. 30, 2014. Total amount utilized by the company towards business expansion till Jun. 30, 2014 is Rs 58 million. The remaining balance amount of Rs 344.5 million continue to be invested in fixed deposits with banks pending utilization of the same.

Shares of the company gained Rs 54.95, or 3.31%, to trade at Rs 1,714.95. The total volume of shares traded was 1,011 at the BSE (1.11 p.m., Thursday).