Multibagger EV stock under Rs 70; Board announces Rs 49,00,00,000 worth rights issue!

The stock gave multibagger returns of 100 per cent from its 52-week low of Rs 33.21 per share and a whopping 760 per cent in 5 years.

Wardwizard Innovations & Mobility Limited (WIML) plans to raise up to Rs 49,00,00,000 by issuing new equity shares to existing shareholders on a record date to be announced later. This fundraising is subject to approval from regulators and will be done through a rights issue, meaning eligible shareholders will have the right to buy these new shares. The company will send a detailed letter of offer to these shareholders explaining the exact process for applying to buy the new shares.

Earlier, the company secured a massive USD 1.29 billion order from Beulah International Development Corporation, a prominent Philippines EPC firm. This partnership goes beyond just a business deal. Through a Memorandum of Understanding (MoU), WIML will supply electric two-wheelers, and three-wheelers, and even develop new four-wheeler electric vehicles specifically for the Philippines' commercial market. This collaboration aims to revolutionize the Philippines' public transportation system with clean electric vehicles, aligning perfectly with the Philippine government's push to modernize their public utility vehicles. By replacing ageing gasoline and diesel vehicles, WIML and Beulah International hope to create a more sustainable and efficient transportation system, while also generating new jobs and boosting the Philippines' local economy.

Also Read: Rs 85,000 crore order book: Multibagger railway infra company emerges as lowest bidder (L1) for an order worth Rs 191,53,74,279.51 from South Eastern Railway

About Wardwizard Innovations & Mobility Limited

Wardwizard Innovations & Mobility Limited is one of India’s leading auto manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike. Being the first listed entity on BSE in Electric Vehicle manufacturing, it is mainly focused on the growth potential in the Indian EV segment to have a positive impact in the future. Given the current state of the environment, where fuel-powered vehicles account for the vast bulk of carbon emissions, the company is promoting improvement by offering cleaner, greener options that produce no emissions. With more than 10 models in its portfolio in both high and low-speed categories, the Company has established a strong presence in more than 400+ major cities across India and aspires to boost this number throughout the country.

The company falls under the BSE Small-Cap Index with a market cap of over Rs 1,700 crore. On Friday, shares of Wardwizard Innovations & Mobility Ltd gained 0.43 per cent to Rs 67.21 per share from its previous closing of Rs 66.92 with an intraday high of Rs 69.90 and an intraday low of Rs 67. The stock’s 52-week high of Rs 86.50 and its 52-week low is Rs 33.21. The stock gave multibagger returns of 100 per cent from its 52-week low of Rs 33.21 per share and a whopping 760 per cent in 5 years. Investors should keep an eye on this small-cap EV stock.

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