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Shares of Speciality Restaurants surged over 12 percent in morning trade on Monday after the company announced plans to raise funds.

The fine dining restaurant operator's board will meet on December 21 to consider fundraising. The board will consider and evaluate proposals for raising of funds by way of the issue of equity shares or any other eligible convertible securities.

The fundraising will be subject to regulatory or statutory approvals including the approval of the shareholders of the company.

Shares of Speciality Restaurants grew as much as 12.5 percent to hit a high of Rs 221.7 in morning trade on the BSE.

Speciality Restaurants Ltd. is engaged in the business of operating restaurants and confectionaries with restaurants across India, Qatar, UAE and the United Kingdom. It operates Mainland China, Asia Kitchen by Mainland China, Oh! Calcutta, and Sigree-Global Grill.

Speciality Restaurants started its journey as a tiny restaurant created by a bunch of foodies and now has 129 renowned restaurants and confectionaries, and eight award-winning cuisines, as per its website.

Shares of Speciality Restaurants ended 15 percent higher at Rs 227.50 on Monday.

(Edited by : Rukmani Krishna)