Raymond shares jumped 22 percent in two trading sessions, hitting a fresh 52-week high on Friday.
The stock hit a 20 percent upper circuit briefly to touch a fresh high of Rs 1,024.50 per share on the NSE.
The buying momentum comes after the company informed the stock exchanges about a fundraise through a preferential issue of share warrants.
The fundraise will be executed through the issuance of 33,28,686 convertible warrants for cash at an issue price of Rs 645 per warrant, including a premium of Rs 635 per warrant. The issue will aggregate up to around Rs 214.71 crore.
The warrants will be allotted on a preferential basis through private placement to Minerva Ventures Fund. The issuance is subject to the approval of the company's members and other applicable statutory and regulatory approvals.