Penny Stock Under Rs 30; Board Draft Letter Of Offer For Proposed Rights Issue Up To Rs 725 Lakh
The stock is up by 11 per cent from its 52-week low of Rs 21.15 per share.
The Board of Directors of Tejnaksh Healthcare Ltd met to discuss the Draft Letter of Offer concerning their proposed Rights Issue of Equity Shares, aiming to raise up to Rs. 725 lakhs. Following careful deliberation, the Board approved the draft letter and authorized its online filing with the BSE, the designated Stock Exchange as per SEBI ICDR Regulations, 2018, for their necessary approval. In addition to this primary agenda item, the Board also addressed other matters, deciding to put the shifting of the registered office within the same city on hold for the time being. Furthermore, the appointment of the requisite agencies and intermediaries for the proposed rights issue will be discussed later in the meeting.
On Tuesday, shares of Tejnaksh Healthcare Ltd plunged 1.20 per cent to Rs 23 per share with an intraday high of Rs 23.94 per share and an intraday low of Rs 22.20 per share from its previous closing of Rs 23.28 per share. The company's shares saw a spurt in volume by more than 2 times on the BSE.
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Tejnaksh Healthcare Ltd, established in 2008, is a prominent healthcare provider in India, primarily operating in Mumbai and Maharashtra. The company offers a comprehensive range of services, including multi-speciality and super-speciality hospitals, pathology labs, research and development, healthcare equipment, super-speciality training institutes, simulation institutes, stone analysis labs, education institutes, and pharmaceuticals. With a focus on urology, Tejnaksh Healthcare has made significant contributions to the field, boasting over 150 research papers, 23 innovations, and 13 patent applications. The company's revenue primarily stems from operations and surgeries, followed by pathology services, the sale of traded goods, and consultation fees.
According to the financials, Tejnaksh Healthcare (BSE Code: 539428) has a market cap of Rs 47 crore and its working capital requirements have reduced from 18.1 days to 10.7 days. The stock is up by 11 per cent from its 52-week low of Rs 21.15 per share.
Disclaimer: The article is for informational purposes only and not investment advice.