Penny Stock Under Rs 2; Board Announces Rights Issue Worth Rs 49,00,00,000

The stock is down by 56 per cent from its 52-week high while up by 30.2 per cent from its 52-week low.

Veerkrupa Jewellers Ltd. is proposing a Rights Issue to its existing shareholders, offering fully paid-up Equity Shares with a face value of Rs. 1 each. This issuance, adhering to the Companies Act, 2013, SEBI (ICDR) Regulations, 2018, and other relevant laws, aims to raise up to Rs. 49 Crores. The precise number of Equity Shares and the allocation ratio will be determined by the Board of Directors.

Earlier, in 2023, the company declared bonus shares in the ratio of 2:3 and a stock split in the ratio of 10:1. The ex-date for the stock split and bonus shares was Friday, May 19, 2023.

Veerkrupa Jewellers Ltd, established in 2019, operates as a jewellery trading company, focusing on the distribution of gold and silver products. The company sources readymade jewelry, including chains, mangalsutras, bars, necklaces, bangles, rings, earrings, and other items incorporating diamonds, platinum, and precious stones, from manufacturers and wholesalers in Ahmedabad. These products are then sold exclusively within Gujarat through a B2B marketing strategy and direct sales, catering to other jewellery stores.

On Friday, shares of Veerkrupa Jewellers Ltd gained 0.90 per cent to Rs 1.12 per share from its previous closing of Rs 1.11 per share. The 52-week high of the stock is Rs 2.49 per share and the 52-week low is Rs 0.86 per share. Talking about finances, this SME stock has a market cap of 14. crore. The company reported positive results in both quarterly and annual financial statements. The stock is down by 56 per cent from its 52-week high while up by 30.2 per cent from its 52-week low. Investors should keep a close watch on this jewellery stock.

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