Multibagger penny stock under Rs 10 with 1,755 per cent returns; Board announces consolidation/reverse stock split of equity shares!
The stock also made a fresh 52-week high of Rs 8.53 per share and gave multibagger returns of 1,755 per cent from its 52-week low of Re 0.46 per share.
Shekhawati Industries Ltd, formerly known as Shekhawati Poly-Yarn Ltd., has announced a significant corporate action. The company will be consolidating its equity shares, meaning that a specific number of existing shares will be combined to form a smaller number of new shares with a higher face value. This process, also known as a reverse stock split, is aimed at altering the company's share structure.
To determine which shareholders are eligible for this consolidation, the company has set August 28, 2024, as the record date. This means that shareholders holding shares in the company as of this date will be entitled to participate in the share consolidation process. The company has provided this information in compliance with the regulations set forth by the Securities and Exchange Board of India (SEBI).
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Share consolidation is a corporate action where a company reduces the total number of outstanding shares by combining them and increasing the face value of each share. For instance, in this case, 10 existing equity shares with a face value of Re 1 each will be consolidated into a single equity share with a face value of Rs 10. While the number of shares held by a shareholder decreases, the overall value of their investment remains unchanged.
On Tuesday, shares of Shekhawati Industries Ltd were locked in a 2 per cent upper circuit to Rs 8.53 per share from its previous closing of Rs 8.37 per share. The stock also made a fresh 52-week high of Rs 8.53 per share and gave multibagger returns of 1,755 per cent from its 52-week low of Re 0.46 per share. The company has a market cap of Rs 294 crore and investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: 2,100 per cent multibagger returns: Crane manufacturing company bags new order from Ministry of Defence (MoD)