Multibagger penny stock under Rs 80; Board announces bonus shares and stock split!

The stock gave multibagger returns of 130 per cent in just 3 months and over 200 per cent in 6 months.

Ishan International Ltd informed that the Board of Directors of the company has, inter alia, considered and approved the following items of agenda, subject to the approval of shareholders in the ensuing Extra Ordinary General Meeting:

1) Increase in the authorized share capital of the company from Rs 10 crore divided into 1 crore equity shares having a face value of Rs 10 each to Rs 23 crore, divided into 2.30 crore equity shares of Rs 10 each, by creation of additional 1.30 crore equity shares of face value of Rs 10 each and consequential alteration to the capital clause of the memorandum of association.

2) The stock split/sub-division of 1 equity share of the face value of Rs 10 each fully paid-up to 10 equity shares of the face value of Rs 1 each fully paid-up held by the shareholders of the company as on the record date.

3) Issuing bonus shares in the ratio of 2:1 i.e., 2 equity shares of Rs 1 each for every 1 equity share of Rs 1 each held by the shareholders of the company as on the record date.

The company has not fixed the record date for the bonus shares and stock split yet (The expected time of completion is within 2 months from the date of board approval).

On Friday, shares of Ishan International Ltd plunged 3.35 per cent to Rs 76.35 per share from its previous closing of Rs 79 with an intraday high of Rs 78 and an intraday low of Rs 76.35. The 52-week high of the stock is Rs 87 and the 52-week low of Rs 17.20.

Incorporated in 1995, Ishan International Limited is engaged in contracting and building projects that focus on supplying machines, erection/installation, commissioning, and operational training for sugar plants, jaggery plants, pharmaceutical plants, hydropower plants, and pollution control systems.

The company has a market cap of Rs 55 crore. According to half-yearly results and annual results, the company reported amazing numbers. The stock gave multibagger returns of 130 per cent in just 3 months and over 200 per cent in 6 months. Investors should keep an eye on this micro-cap stock.

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