Mukul Agarwal's portfolio multibagger penny stock under Rs 25 hit upper circuit as the company launches QIP raise of Rs 2000 crore
The stock gave multibagger returns of 210 per cent in just 1 year whereas BSE Sensex Index is up by 11.68 per cent.
On Thursday, shares of Suzlon Energy Ltd jumped 5 per cent upper circuit to Rs 20.53 per share from its previous closing of Rs 19.56. The shares of the company saw a spurt in volume by more than 1.16 times on BSE. The stock's 52-week high is Rs 20.80 per share and its 52-week low is Rs 6.60 per share.
Suzlon informed that the company have approved Qualified Institutions Placement (QIP) of equity shares of face value Rs2 each. The company will raise up to Rs 2,000 crore. The QIP will open on August 9, 2023, and the floor price for the shares will be Rs 18.44 per share. The company may offer a discount of up to 5 per cent on the floor price.
Additionally, the Committee passed the resolutions for the following:
1) Authorised the opening of the Issue today, i.e., August 09, 2023;
2) Approved and adopted the preliminary placement document dated August 09, 2023 and the application form dated August 09, 2023 in connection with the Issue; and
3) Approved the floor price for the Issue, based on the pricing formula as prescribed under the SEBI ICDR Regulations.
Suzlon Energy Ltd manufactures wind turbine generators and related components. Mukul Agarwal, a seasoned investor, acquired a 1.05 per cent ownership stake, equivalent to 13 crore shares, in the company.
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The company has a market cap of over Rs 25,000 crore with a 3-year stock price CAGR of 70 per cent. As of May 30, 2023, the cumulative order book stands at over 1,500 MW. This includes the order book as on March 31, 2023, of 652 MW plus orders secured subsequently of 890 MW.
The stock gave multibagger returns of 210 per cent in just 1 year whereas BSE Sensex Index is up by 11.68 per cent. Penny Stock Suzlon Energy should be kept under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.