Multibagger penny stock under Rs 5: Board allots 24,00,00,000 convertible warrants to promoters of company & entered a term sheet with Diponed Research International

Multibagger penny stock under Rs 5: Board allots 24,00,00,000 convertible warrants to promoters of company & entered a term sheet with Diponed Research International

Kiran Shroff

The stock gave multibagger returns of 160 per cent from its 52-week low of Rs 1.55 per share.

On Thursday at 09:21 am, shares of Evexia Lifecare surged 2.55 per cent to Rs 4.03 per share from its previous closing of Rs 3.93 per share. The stock gave multibagger returns of 160 per cent from its 52-week low of Rs 1.55 per share.

Evexia Lifecare Limited, through an Extraordinary General Meeting held on October 23, 2024, and subsequent approval from the Bombay Stock Exchange on October 29, 2024, has allotted 24 crore convertible warrants at a price of Rs 3.60 per warrant on a preferential basis. These warrants are convertible into equity shares of the company at a premium of Rs 2.60 per share. Raghuvir International Pvt Ltd and Shree Saibaba Exim Pvt Ltd were each allotted 12 crore of these warrants. This allotment was made in accordance with the Companies Act, 2013, the SEBI (ICDR) Regulations, 2018, and other applicable laws.

Additionally, the company has entered into a Term Sheet with DIPOned Research International Private Limited ("Diponed") to acquire a 65% stake in the company. Evexia will invest Rs. 1.86 lakhs in Diponed through a preferential share issue and an additional Rs. 15 crores as quasi-capital. This acquisition aligns with Evexia's strategy of expanding its pharmaceutical business through organic growth and strategic acquisitions. Diponed, a relatively young company focused on drug discovery, development, formulations, and contract research services, offers a potential avenue for Evexia to diversify its operations and tap into emerging markets. The deal is expected to be completed within 60 days, subject to certain conditions precedent.

DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.

Evexia Lifecare Limited formerly known as Kavit Industries Limited is engaged in the trading of chemicals, agricultural produce and various other products of consumer goods. The company has also formed a new subsidiary firm to set up pathology labs in Africa.

According to the financials, this FMCG company has a market cap of Rs 735 crore and reported positive numbers in its Quarterly Results (Q1FY25) and annual results (FY24). Investors should keep an eye on this micro-cap stock under the radar.

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

Previous Article 5:1 Stock Split: Small-Cap Engineering Company Reports Stellar Results; Profit Surges by 78 Per cent, Revenue by 47 Per cent – Stock Gains Over 1,600 Per cent
Next Article FIIs bought 27,23,098 shares: Ashish Kacholia's portfolio specialty chemical stock in green as company reports positive results in Q2FY25 & H1FY25
Rate this article:
5.0

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR