The company plans to raise funds through issue of equity shares on rights basis to the existing equity shareholders of the company.

The board will also discuss other matters related/ incidental thereto including the constitution of a Rights Issue Committee to implement the proposal of rights issue.

Goa Carbon manufacturers calcined petroleum coke (CPC) in India. The company's net profit surged to Rs 14.48 crore in Q1 FY23 compared with a net profit of Rs 0.12 crore in Q1 FY22. Revenue from operations jumped 64.24% to Rs 205.27 crore in Q1 FY23 over Q1 FY22.

Shares of Goa Carbon fell 1.98% to Rs 421 on the BSE.