Multibagger penny stock under Rs 20: Board announced rights issue!

Multibagger penny stock under Rs 20: Board announced rights issue!

Kiran Shroff
/ Categories: Trending, Mindshare

The stock gave multibagger returns of 338 per cent in just 1 year and in 2 years it returned over 1,550 per cent.

On Friday, shares of IFL Enterprises Ltd surged 1.66 per cent to the day’s high of Rs 14.08 per share from its previous closing of Rs 13.85. The stock gave multibagger returns of 338 per cent in just 1 year and in 2 years it returned over 1,550 per cent. At the closing bell, shares of the company ended the day in green, up 0.43 per cent to Rs 13.91 per share.

The Company, in its latest press release, has revealed that the company's Board of Directors meeting will be held on Thursday, March 09, 2023, to consider the following proposals: A private placement or through one or more Qualified institutions Placement or further public issue of debt or equity securities/preferential issue or a right issue or through any other permissible mode and or a combination thereof as may be considered appropriate in accordance with the provisions of Chapter VI of Securities and Exchange Board of India (Issue of Capital and Disclosures Requirements) Regulations, 2018 as amended from time to time and other applicable laws, in one or more of the tranches for an aggregate amount up to Rs 100 crore (Rupees One Hundred Crores) subject to the approval of members of the company.

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IFL Enterprises Company is involved in the business of trading in goods e.g., fabric and related products as well as shares and securities within permissible limits prescribed by the regulators such as RBI or SEBI. In the current financial year 2022-2023, the company announced bonus shares in the ratio 1:4 and a stock split from Rs 10 to Rs 1 which had a record date of April 21, 2023.

Talking about the financials, IFL Enterprises has a market cap of Rs 316.32 crore. The company reported amazing numbers in its Quarterly Results (Q4) and annual results (FY23). The net profit recorded was Rs 0.51 crore in FY23 compared to a net loss of Rs 0.21 crore in FY22.

The stock has a 52-week high of Rs 16 and a 52-week low of Rs 3.04. Investors should keep an eye on this multibagger micro-cap stock.

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