Indian Bank & Bank of India-backed multibagger penny stock under Rs 50: Board announces stock split – Promoter bought 14,25,125 shares!

The stock gave multibagger returns of 117.5 per cent in just 10 months.

IIRM Holdings India Ltd (also known as Sudev Industries Limited) manufactures rubber and plastics products. The Company offers plastics, natural and synthetic rubber moulded goods, foams, and rubber products. Sudev Industries serves customers in India. Also, the company had Foreign Technical Collaboration with T&D Rotomoulding Division of Tanks and Drums Group of the U.K.

The company announced a stock split of equity shares for the first time ever i.e., the eligibility of the shareholders entitled for the purpose of sub-division/split of each equity share of the company having a face value of Rs 10 into 2 equity shares of face value of Rs 5 each.

The stock is currently not trading on the exchange, but it last traded on November 20, 2023, at a high of Rs 43.59 per share. This was a 5% increase from the previous day's closing price. The stock also made a new 52-week high of Rs 43.59 per share.

The company has a market cap of Rs 18.37 crore. The company reported positive numbers in its Quarterly Results and annual results. In September 2023, the company's promoter acquired 14,25,125 shares, representing 33.82 per cent of the company's outstanding shares. Additionally, as of September 2023, India Bank held a 3.56 per cent stake, Bank of India held a 1.78 per cent stake, and Indbank Mutual Fund held a 1.67 per cent stake in the company.

The stock gave multibagger returns of 117.5 per cent in just 10 months. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.