10,000 per cent returns: Multibagger stock hit upper circuit & 52-week high as FIIs bought 32,61,200 shares via QIP
The stock gave multibagger returns of 5,900 per cent in just 1 year and a whopping 10,000 per cent in 2 years.
Eraaya Lifespaces Limited’s Board of Directors held a meeting on August 13, 2024, at its registered office in New Delhi. A key agenda item was the Qualified Institutional Placement (QIP) initiated on August 08, 2024. The Board approved the closure of the QIP on the same day, following the receipt of application forms and funds from eligible investors. The issue price for the Equity Shares was set at Rs 762 per share, including a premium and the allocation of shares to qualified institutional buyers was finalized. The necessary placement document was approved, and the allotment of 32,61,200 Equity Shares to these investors was authorized. A detailed list of allottees will be provided separately.
In addition to the QIP, the Board discussed the company’s plans for further fundraising. Shareholders had previously authorized the company to raise up to Rs 1,275 crore through the issuance of securities at an Extraordinary General Meeting held on July 29, 2024. With Rs 248.50 crore raised through the QIP, the company intends to raise additional funds through various instruments, including preferential allotments, further QIPs, private placements, debentures, GDRs, or FCCBs. These fundraisings will be conducted in compliance with applicable laws, with necessary disclosures made to the stock exchange.
Following is the list of Foreign Institutional Investors (FIIs):
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Additionally, Eraaya Lifespaces has successfully acquired Ebix Inc. after a complex legal battle. The company, as part of a consortium, emerged as the top bidder for Ebix Inc. in a U.S. Bankruptcy Court auction, securing 100 per cent equity for a substantial USD 361 million. This acquisition marks a significant global expansion for Eraaya Lifespaces, with the final payment of USD 95.25 million scheduled for August 2024 to complete the deal
On Wednesday, the shares of Eraaya Lifespaces Limited hit 5 per cent to Rs 840.509 per share from its previous closing of Rs 801.15. The stock also made a fresh 52-week high of Rs 840.50 and its 52-week low is Rs 13.98.
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About Eraaya Lifespaces Limited
Eraaya Lifespaces, a leading lifestyle and hospitality company, curates unforgettable experiences that blend luxury, comfort, and style. Rooted in Indian heritage, Eraaya offers unique escapes in iconic destinations and creates immersive environments beyond just living. Their commitment to excellence extends to flawless events, innovative content, and creating lasting memories. Eraaya seeks to expand its horizons through strategic acquisitions, leveraging its strong foundation and vision to explore new business ventures. This journey positions Eraaya to drive innovation, create stakeholder value, and shape the future of business in an ever-evolving market.
According to Quarterly Results, the company reported net sales of Rs 2 crore in Q4FY24 and net profit increased by 1,887.5 per cent to Rs 0.95 crore in Q4FY24 compared to a net profit of Rs 0.05 crore in Q4FY23. In its annual results, the net sales increased by 1,52,311 per cent to Rs 297.20 crore and net profit increased by 341.6 per cent to Rs 0.34 crore in FY24 over FY23.
The company has a market cap of over Rs 1,200 crore with a 5-year stock price compound annual growth rate (CAGR) of 180 per cent. The stock gave multibagger returns of 5,900 per cent in just 1 year and a whopping 10,000 per cent in 2 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and is not investment advice.
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