** Shares of graphite developer Evion Group EVG.AX rise 20% to A$0.03, their highest level since September 29

** Co to raise A$2.3 million ($1.49 million) to be used for expandable graphite production facilities in India and progressing options to develop a similar plant in the U.S.

** Issues shares at A$0.021 apiece, a 16% discount to the stock's last close

** On track for best day since July 29

** About 9.8 million shares change hands, 13.7x the 30-day average of 713,951

** Stock up 11.1% YTD

($1 = 1.5389 Australian dollars)

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((Jasmeenaraislam.Shaikh@thomsonreuters.com;))