Penny stock under Rs 20: Don’t miss action in this micro-cap company that launches rights issue worth Rs 81.32 crore!
The stock has witnessed a 28 per cent increase in just 3 months and over 90 per cent growth in 3 years.
On Wednesday, the market opened at an all-time high, with the BSE Sensex Index up by 0.47 per cent at a level of 63,716, and the NSE Nifty-50 Index up 0.48 per cent at a level of 18,908.15.
Alongside the market's positive performance, shares of North Eastern Carrying Corporation surged 3.26 per cent to Rs 19.96 per share from its previous closing of Rs 19.31. The stock's 52-week high stands at Rs 28.52, while its 52-week low is Rs 13.20.
Recently, North Eastern Carrying Corporation announced a rights issue. As per the company's exchange filing, the rights issue consists of 4,51,77,602 equity shares, aiming to raise Rs 81.32 crore. The board approved the 9:10 rights issue at Rs 18 per share. The record date for the issue was June 2, 2023, indicating that shareholders holding the company's shares on that date are eligible to receive Rights Entitlements (REs).
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A rights issue allows a company to raise funds from existing shareholders by offering them additional shares at a discounted price. The issue opened on Wednesday, June 24, 2023, and will close on Tuesday, July 11, 2023.
North Eastern Carrying Corporation Ltd primarily provides freight transportation services to bulk and retail customers, particularly in the Full Truckload (FTL) segment, along with other services like warehousing and packing.
The stock has witnessed a 28 per cent increase in just 3 months and over 90 per cent growth in 3 years. Investors should closely monitor this micro-cap stock.