Multibagger stock below Rs 20; Board likely to announce rights issue!

The stock has a 52-week high of Rs 31.10 and a 52-week low of Rs 15.50.   

On Friday, shares of Asian Petroproducts & Exports Ltd rose 5 per cent upper circuit to Rs 17.01 per share from its previous closing of Rs 16.20. The stock has a 52-week high of Rs 31.10 and a 52-week low of Rs 15.50.   

The company informed that the Meeting of the Board of Directors will be held on Thursday, March 30, 2023, inter alia, to consider the following: 1. Fundraising by way of issuance of equity shares to its eligible equity shareholders on a rights basis (“Rights issue”), subject to receipt of necessary approvals from regulatory authorities, as applicable and in accordance with applicable provisions of the Companies Act, 2013, as amended, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws. 2. Constitution of a Special Committee of Board of Directors, in the name and style of ‘Rights Issue Committee’.  

Asian Petroproducts & Export Ltd manufactures chemical products. The company produces chemicals for use in the textiles, dyes, pharmaceutical and detergent industries. Asian Petroproducts & Export conducts business internationally.  

According to the finances, Asian Petroproducts & Export has a market cap of Rs 11.77 crore. In Q3FY23, net sales skyrocketed to Rs 3.50 crore or 11,567 per cent compared to net sales of Rs 0.03 crore in Q3FY22.  

Today, shares of the company saw a spurt in volume by more than 2.82 times on BSE. The stock gave multibagger returns of over 406 per cent in just 3 years.  Investors should keep an eye on this Small-Cap stock.