Multibagger stock below Rs 20: Don’t miss action in this stock that has announced rights issue!

The stock gave multibagger returns of 151.15 per cent in just 1 month whereas BSE Small-cap Index is up by only 3 per cent.

On Thursday, the benchmark indices ended the day higher. At 03:30 pm, BSE Sensex is up by 0.0.6 per cent to a level of 60,431 and NSE Nifty-50 Index is up by 0.088 per cent to a level of 17,828. 

Shares of GI Engineering Solutions Ltd zoomed 5 per cent upper circuit to Rs 19.69 per share from its previous closing of Rs 17.87. The stock also traded at a new 52-week high of Rs 19.69 per share. 

The Board of Directors of GI Engineering announced the rights issue to the equity shareholders in the ratio of 11:8. The company verified the record date for the rights issue as Tuesday, April 18, 2023. The rights issue price is Rs 10 per share with the issue opening date as Thursday, April 27, 2023 and the closing date as Tuesday, May 9, 2023.

GI Engineering Solutions, Ltd. is an offshore engineering design company. The Company offers civil engineering and Information Technology (IT) support. The shares of the company saw a spurt in volume by more than 2 times on BSE. 

The company has reported excellent Quarterly Results (Q3FY23).  The company is almost debt free and the promoters’ holdings have increased their stake by 1.11 per cent in Q3FY23 over Q3FY22. 

The stock gave multibagger returns of 151.15 per cent in just 1 month whereas BSE Small-Cap Index is up by only 3 per cent. Investors should keep an eye on this civil construction company’s stock under their watchlist.