Dolly Khanna bought 1,70,974 shares of this multibagger stock; Board announces stock split from Rs 10 to Rs 5 & Rs 250 crore fundraising via QIP
The stock gave multibagger returns of over 400 per cent from its 52-week low of Rs 393 per share and a whopping 10,360 per cent in a decade. I
The domestic benchmark indices ended the day mixed. The BSE Sensex Index is down by 0.02 per cent at a level of 84,914 and the NSE Nifty-50 Index is up by 0.01 per cent at 25,940. The BSE Mid-Cap Index was up by 0.21 per cent and the BSE Small-Cap Index was down by 0.04
Along with the mixed market trading mixed, one multibagger small-cap stock gained 4.75 per cent to an intraday high of Rs 2,130 per share from its previous closing of Rs 2,033.75 per share. The stock’s 52-week high is Rs 2,382.05 and its 52-week low is Rs 393. At the closing bell, shares of the company were trading at Rs 2.044.75 per share, up 0.54 per cent.
The stock name is PONDY OXIDES & CHEMICALS LTD (POCL).
POCL is a resource recovery specialist, taking lead and battery scraps and transforming them through smelting and refinement into pure lead, lead alloys, zinc metal, and zinc oxide, providing sustainable, secondary metals for various industries.
Subdivision of Equity Shares
On September 23, 2024, the Board of Directors of Pondy Oxides and Chemicals Limited approved the subdivision of existing equity shares. This decision was made following the approval of shareholders in the Annual General Meeting on September 18, 2024. Effective October 16, 2024, each equity share with a face value of Rs 10 will be subdivided into two equity shares with a face value of Rs 5. These new shares will have the same rights and privileges as the existing shares.
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Raising of Funds through Qualified Institutional Placement (QIP)
The Board also authorized the company to raise funds through a Qualified Institutional Placement (QIP). This involves issuing equity shares or other eligible securities to qualified institutional investors. The maximum amount to be raised is Rs. 250 crores. The issuance will be subject to regulatory approvals, including the approval of shareholders. The specific terms and conditions of the QIP will be determined by the Board or its authorized committee.
Two ace investors, Dolly Khanna bought 1.70,974 shares or 1.31 per cent stake and Sangeetha S own 2,30,000 shares or 1.77 per cent stake in the company as of August 2024. POCL has a market cap of over Rs 2,500 crore with a 3-year stock price CAGR of 120 per cent. The company reported positive numbers in its Quarterly Results (Q1FY25) and annual results (FY24). The stock gave multibagger returns of over 400 per cent from its 52-week low of Rs 393 per share and a whopping 10,360 per cent in a decade. Investors should keep an eye on this multibagger small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.