Penny stock under Rs 5; Board announces rights issue after bonus shares & stock split!
The 52-week high of the stock is Rs 16.6 and the 52-week low is Rs 2.42.
Vinny Overseas Ltd announced that the Board of Directors of the company considered, approved and recommended an increase in authorised share capital from Rs 25,00,00,000 to Rs 50,00,00,000 subject to the approval of members at the general meeting. Additionally, the Board considered and approved raising funds through a rights issue of equity shares up to 23,26,23,311 equity shares of the face value of Rs 1 each in the ratio of 1:1 i.e., 1 equity share for each 1 equity share held by shareholders at an issue price of Rs 2 per equity share (including premium of Rs 1 per equity share) - aggregating to Rs 46,52,46,622 to all the existing members of the Company on rights basis (Rights Issue).
Earlier, the company ex-traded bonus shares in the ratio of 13:10 and stock split of shares from Rs 10 to Rs 1. The record date for bonus shares and stock split was February 24, 2023.
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After rising nearly 35 per cent over the period of 1 year, shares of Vinny Overseas Ltd are undergoing a correction and have hit the lower circuit for the second straight day. Today, shares of Vinny Overseas Ltd plunged 2 per cent to Rs 3.09 per share from its previous closing of Rs 3.15. The 52-week high of the stock is Rs 16.6 and the 52-week low is Rs 2.42.
Vinny Overseas Limited has a market cap of Rs 71.88 crore. It is engaged in manufacturing and exporting textile products. The company offers cotton and rayon fabrics used in dresses, kurtis, and shirtings. Vinny Overseas serves clients worldwide. The company reported positive numbers in its Quarterly Results (Q1FY23) and annual results (FY23).
Disclaimer: The article is for informational purposes only and not investment advice.
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