Penny stock under Rs 10; Board announces record date for 1:1 bonus share

Penny stock under Rs 10; Board announces record date for 1:1 bonus share

Kiran Shroff

The stock is up by 58.7 per cent from its 52-week low of Rs 3.78 per share and gave multibagger returns of 145 per cent in 5 years.

Garment Mantra Lifestyle Ltd informed that the Board of Directors of the company announced bonus shares in the ratio 1:1 i.e., 1 new Bonus equity share of Re 1 each fully paid up for every 1 existing equity share of Re 1 each fully paid up. The Board fixed the record date as Friday, August 23, 2024.

Garment Mantra Lifestyle Ltd is also making a strategic move to become a major player in both domestic and international apparel by launching a brand-new line of premium men's clothing for export, marking a significant shift from their traditional focus on ladies' and kids' wear. This expansion into the international men's fashion market reflects their recognition of growth potential, particularly in the Gulf Countries. To ensure the new line caters to current trends and meets buyer expectations, Garment Mantra developed the collection in Tirupur, India, working closely with potential overseas partners. The company is confident about the upcoming launch, expecting the garments to hit stores in the next quarter and achieve significant success. This exciting development positions them to offer high-quality apparel for the whole family across domestic and international markets.

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About Garment Mantra Lifestyle Ltd

Garment Mantra is a company focused on fulfilling the fashion and lifestyle aspirations of the mass Indian population. The promoters of the company have extensive experience in the textile industry for over 3 decades. Garment Mantra has 3 business divisions. Firstly, Garment Mantra is engaged in the business of garment manufacturing and selling both knitted fabrics as well as knitted garments.

On Wednesday, shares of Garment Mantra Lifestyle Ltd plunged 0.66 per cent to Rs 6 per share from its previous closing of Rs 6.04 with an intraday high of Rs 6.16 and an intraday low of Rs 596. The company has a market cap of Rs 60.23 crore. The shares of the company saw a spurt in volume by more than 1.10 times on BSE.  

The promoters of the company sold a 19.97 per cent stake and decreased their stake to a 30.18 per cent stake in the company in June 2024 compared to June 2023 while the public shareholders own a 69.82 per cent stake as of June 2024. The stock is up by 58.7 per cent from its 52-week low of Rs 3.78 per share and gave multibagger returns of 145 per cent in 5 years.

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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