Promoters sold 98,796 shares: Low PE penny stock under Rs 15; Board announces 1:1 rights issue; Check record date & other details inside
The stock is up by 23 per cent from its 52-week low of Rs 9.40 per share with a PE of 9x whereas the industry PE is 40x.
Jonjua Overseas Ltd is an Indian company involved in various sectors, including service exports, corporate consultancy, agriculture, and the sale of printed books. The company offers services such as service exports, printing of books, agriculture, and domestic service sales. The company has a market cap of Rs 9.24 crore. According to the financials, the company reported positive numbers in its half-yearly results (H1FY25) and annual results (FY24).
The Company's Board of Directors convened a meeting on November 22, 2024. Key decisions made at the meeting include the approval of the terms for a Rights Issue of up to 79,25,339 Equity Shares, amounting to ₹792.53 Lakhs. The Rights Issue Price is set at ₹10 per share. The Record Date for determining eligible shareholders is November 29, 2024. The Rights Issue period is from December 13, 2024, to December 23, 2024, with an on-market renunciation period from December 13 to 17, 2024.
Post the Rights Issue, the total number of outstanding Equity Shares will increase to 1,58,50,678, assuming full allotment. Eligible shareholders will receive one Rights Equity Share for every one fully paid-up Equity Share held on the record date. Fractional entitlements will be handled as outlined in the Letter of Offer.
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Earlier, HSJONJUA AEROINFRA has partnered with Jonjua Air Limited to launch an Air Taxi Service from Mohali International Airport. The service will utilize diesel-powered Piper Archer DX aircraft to connect Mohali to popular destinations like Shimla, Kullu-Manali, Mata Vaishnu Devi, Badri Nath, and Hemkund Sahib. Jonjua Overseas Limited will consult on the operations. Additionally, HSJONJUA AEROINFRA has reserved two Piper Archer DX aircraft from Piper Aircraft, Inc. to expand its fleet and operations, with Mohali serving as the base.
On Friday, shares of Jonjua Overseas Ltd plunged 3.34 per cent to Rs 11.56 per share from its previous closing of Rs 11.96 with an intraday high of Rs 11.66 and an intraday low of Rs 11.55. The stock’s 52-week high is Rs 15 and its 52-week low of Rs 9.40.
The promoters of the company sold 98,796 shares to 22.89 per cent in September 2024 compared to March 2024. The stock is up by 23 per cent from its 52-week low of Rs 9.40 per share with a PE of 9x whereas the industry PE is 40x. Investors should keep an eye on this micro-cap IT stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.