Penny stock at Rs 21 & promoters increase stake: Board approved letter of offer for rights issue worth Rs 49,00,00,000; stock trades at high ROE & ROCE!

The stock is up by 77 per cent from its 52-week low of Rs 11.49 per share and multibagger returns of 180 per cent in 3 years.

Adroit Infotech Ltd is flexing its financial muscles with a rights issue and approved letter of offer, empowering existing shareholders to invest in its future. This strategic move targets raising up to Rs. 49 crores, offering preferential access to buy new shares at a potentially discounted price (Rs. 15 per share, issued 3 for every 2 existing shares).

This fresh capital injection aims to strengthen Adroit Infotech's financial position, paving the way for future growth and exciting opportunities. Existing shareholders who are invested in the company's success have a record date was January 19, 2024, whose name appears will be able to participate in the rights issue. The issue will open on February 7, 2024, and closes on February 16, 2024.

After rising nearly 80 per cent from its 52-week low of Rs 11.49 per share, shares of Adroit Infotech Ltd are undergoing a correction and have hit the lower circuit for the third straight day. Today, shares of Adroit Infotech Ltd plunged 2 per cent to Rs 20.34 per share from its previous closing of Rs 20.75. The 52-week high of the stock is Rs 23.29 and the 52-week low of Rs 11.49. The shares of the company have an ROE of 28.2 per cent and an ROCE of 23.2 per cent.  

Incorporated in 1990, Adroit Infotech Ltd is primarily engaged in the business of SAP Support Services. The company helps organizations to reduce costs and improve effectiveness and efficiency through internal process improvements using SAP products and solutions. The company has a market cap of over Rs 100 crore. In December 2023, the promoters of the company increased their stake to 46.31 per cent from 45.07 per cent in September 2023.

Earlier, Verso Altima, an Adroit Infotech subsidiary, made power moves in 2023 with two key deals: a global SAP-BRIM integration partnership with a top US charging provider and an exclusive implementation agreement with IT giant Fujitsu. These strategic alliances leverage Verso's expertise, capitalize on Fujitsu's reach, and target existing customers, positioning Verso for major growth in the SAP-BRIM market.

The stock is up by 77 per cent from its 52-week low of Rs 11.49 per share and multibagger returns of 180 per cent in 3 years.

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