Stock under Rs 1: Don't miss action in this penny stock that has announced rights issue!

The stock has a 52-week high of Rs 1.27 and a 52-week low of Rs 0.41.  

On Tuesday, the benchmark Indian indices started the day higher. BSE Sensex was up by 0.12 per cent at a level of 57,723.04. In terms of sector performance, the indices were trading mixed, with the BSE Financial Services Index leading the gainers and the BSE Utilities Index performing the worst.  

Despite being a mixed market, shares of Sun Retail Ltd were locked in 20 per cent upper circuit to Rs 0.56 per share from its previous closing of Rs 0.47, being one of the Top Gainers on BSE. The stock has a 52-week high of Rs 1.27 and a 52-week low of Rs 0.41.  

Sun Retail informed that the company considered and approved to increase in share capital of the company up to Rs 62.50 crore and considered and approved the fund raising via issuance of equity shares of the company through Rights Issue.  

Issuance of up to 46,55,04,000 Equity Shares of the company having face value of Rs 1 each by way of rights issue in the ratio of 3 equity shares for every 1 fully paid-up equity shares held by existing equity shareholders of the company as on record date (yet to be notified). 

Sun Retail Limited produces and processes edible oils and oil seeds. The company offers cotton seed, ground nut and sun flower oil products. Sun Retail serves clients in India. 

In the financial year 2021-2022, Sun Retail has announced bonus shares in the ratio 3:5 and stock split in the ratio 10:1 as of record date which was Friday, April 13, 2021. Investors should keep an eye on this Small-Cap penny stock under their radar.