Multibagger penny stock under Rs 15; Board announces rights issue after reporting a 140 per cent jump in revenue and net profit turnaround!
The stock gave multibagger returns of 129.83 per cent from its 52-week low of Rs 6.27 whereas BSE Small-cap is up by 22.35 per cent.
SEPC Ltd informed both exchanges (BSE Script Code: 532945; NSE Script Code: SEPC) that the Board of Directors of the company at their meeting, inter alia, discussed and approved the following:
1. Considered & approved to increase the authorised capital of the company from Rs 1,400 crore to Rs 1,450 crore, subject to the approval of the shareholders to be obtained at the ensuing Annual General Meeting (AGM).
2. Considered & approved to change Clause V - Authorised Capital of Memorandum of Association accordingly.
3. Fundraising by way of issuance of equity shares of the face value of Rs 10 each of the company to its eligible equity shareholders on a rights basis (Rights Issue) for a value not exceeding Rs 50 crore, subject to receipt of necessary approvals from regulatory authorities.
The company had previously announced a rights issue in the ratio of 2 new shares for every 53 existing shares with a record date of Wednesday, March 29, 2023. This is the second time the company has announced this rights issue.
On Tuesday, shares of SEPC Ltd were locked in a 5 per cent upper circuit to Rs 14.41 per share from its previous closing of Rs 13.73. The stock’s 52-week high is Rs 15.90 and its 52-week low is Rs 6.27.
Shriram EPC Ltd (SPEC) is a leading service provider of integrated design, engineering, procurement, construction, and project management services for water and waste-water treatment plants, water infrastructure, process and metallurgy plants, power plants, and mines and mineral processing.
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Talking about the financials, SPEC has a market cap of Rs 1,976.23 crore. In Q1FY23, net sales skyrocketed by 140 per cent to Rs 143.28 crore compared to Q1FY23. The company reported a net profit of Rs 4.93 crore in Q1FY24 compared to a net loss of Rs 30.85 crore in Q1FY23 and a net loss of Rs 20.15 crore in Q4FY23.
The stock gave multibagger returns of 129.83 per cent from its 52-week low of Rs 6.27 whereas BSE Small-Cap is up by 22.35 per cent. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.