From Rs 2.54 to Rs 55.61 per share: Penny stock to keep under radar Board announces 10:1 stock split & rights issue worth Rs 49,50,00,000
From Rs 2.54 (52-week low) to Rs 55.61 per share (intraday high), the stock gave multibagger returns of over 2,000 per cent in just 11 months.
On Wednesday, shares of Harshil Agrotech Ltd gained 2 per cent to Rs 55.61 per share from its previous closing of Rs 54.42 per share. The stock also made a fresh 52-week high of Rs 55.61 per share and its 52-week low is Rs 2.54 per share.
The Board of Directors of the Company has approved an increase in the authorized capital from Rs 51,00,00,000 to Rs 75,00,00,000. This increase will be achieved by issuing additional equity and preference shares. Furthermore, the Board has recommended a sub-division of existing equity shares from a face value of Rs 10 each to a face value of Rs 1 each, resulting in the issuance of 10 new equity shares for each existing 1 share. This sub-division will maintain the paid-up capital intact.
To raise funds, the Board has proposed an issuance of equity shares to eligible shareholders on a rights basis. The maximum amount to be raised through this rights issue is Rs 49,50,00,000. The issuance will be subject to necessary approvals from regulatory authorities and compliance with applicable laws. The Board has also constituted a Rights Issue Committee to determine the terms and conditions of the issue, including the final issue size, rights entitlement ratio, issue price, record date, timing of the Rights Issue, approval of the draft letter of offer, appointment of intermediaries, allotment of shares, and other related matters.
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Harshil Agrotech Limited, formerly known as Mirch Technologies (India) Limited, is a company specializing in industrial design and fabrication. Their expertise spans a wide range of industries, including fertilizers, chemicals, petrochemicals, power plants, fibers, types of cement, steel plants, pharmaceuticals, dyes and intermediates, paper and pulp.
The company has a market cap of Rs 60.06 crore. From Rs 2.54 (52-week low) to Rs 55.61 per share (intraday high), the stock gave multibagger returns of over 2,000 per cent in just 11 months. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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