Multibagger penny stock under Rs 5 hit 20 per cent upper circuit and new 52-week high as Board announces 1:1 right issue & PAT jumps 23.5 per cent!

Multibagger penny stock under Rs 5 hit 20 per cent upper circuit and new 52-week high as Board announces 1:1 right issue & PAT jumps 23.5 per cent!

Kiran Shroff

The stock is up by 50 per cent in just 6 months and gave multibagger returns of 120 per cent in 1 year.

Vinny Overseas Limited has announced a Rights Issue of up to 23,26,23,311 Equity Shares for Rs 2 per share, including a premium of Re 1 per share. The total amount to be raised through this Rights Issue is up to Rs. 4652.47 Lakhs. The record date for determining eligible shareholders for the Rights Issue has been fixed as Wednesday, August 14, 2024. Eligible shareholders will receive their Rights Entitlements in dematerialized form in their respective demat accounts before the issue opening date, which is scheduled for Tuesday, August 27, 2024.

The Rights Issue period will conclude on Wednesday, September 4, 2024, with the final day for renunciation being Tuesday, September 10, 2024. Shareholders are entitled to one Equity Share for every one Equity Share held as of the record date. The Company has existing equity shares of 23,26,23,311, and upon full subscription of the Rights Issue, the total outstanding equity shares will increase to 46,52,46,622. The detailed terms and conditions of the Rights Issue, including the application process and fractional entitlements, will be outlined in the Letter of Offer to be filed with the stock exchanges and SEBI.

Earlier, the company ex-traded bonus shares in the ratio of 13:10 and stock split of shares from Rs 10 to Rs 1. The record date for bonus shares and stock split was February 24, 2023.

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Vinny Overseas Limited has a market cap of Rs 190.28 crore. It is engaged in manufacturing and exporting textile products. The company offers cotton and rayon fabrics used in dresses, kurtis, and shirtings. Vinny Overseas serves clients worldwide. The company reported positive numbers in its Quarterly Results (Q1FY25) and annual results (FY24). The total income increased by 6.65 per cent to Rs 29.68 crore and net profit increased by 23.5 per cent to Rs 0.42 crore in Q1FY25 compared to Q1FY24.

On Wednesday, shares of Vinny Overseas Ltd hit 20 per cent upper circuit to Rs 4.09 per share from its previous closing of Rs 3.41. The stock also made a new 52-week high of 4.09 while its 52-week low is Rs 1.71. The shares of the company saw a spurt in volume by more than 1.03 times on BSE. The stock is up by 50 per cent in just 6 months and gave multibagger returns of 120 per cent in 1 year. Investors should keep an eye on this micro-cap textile stock.

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

Also Read: Debt-free penny stock under Rs 10 hit upper circuit as company is into expansion Europe, Middle-East and Africa (EMEA) and Asia-Pacific (APAC) markets!

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