Penny stock under Rs 7 & Promoters sold 19.97 per cent stake; Board likely to announce bonus shares!

The stock is up by 80 per cent from its 52-week low of Rs 3.78 per share and gave multibagger returns of 200 per cent in 5 years.

Garment Mantra Lifestyle Ltd is holding a board meeting on July 08, 2024, to discuss: 1) issuing bonus shares to shareholders by capitalizing reserves (amount to be decided), requiring shareholder approval; 2) increasing the company's authorized share capital and updating the company charter accordingly; and 3) any other business the chair allows. Note that due to insider trading regulations, buying or selling the company's stock is prohibited from the close of business today, June 19th, 2024, until 48 hours after the meeting concludes on July 10th, 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.

Today, shares of Garment Mantra Lifestyle Ltd gained 2.10 per cent to Rs 6.80 per share from its previous closing of Rs 6.66 with an intraday high of Rs 6.99 and an intraday low of Rs 6.66. The company has a market cap of Rs 68 crore.

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 while the public shareholders own a 69.82 per cent stake as of March 2024. The stock is up by 80 per cent from its 52-week low of Rs 3.78 per share and gave multibagger returns of 200 per cent in 5 years.

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