10,000 per cent returns: Multibagger stock in green as the Board to raise Rs 250 crore via QIP at a floor price of Rs 798.40 per equity share!
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 has received approval to raise up to Rs 250 crore through a Qualified Institutional Placement (QIP). The company's board has authorized the issue, setting a floor price of Rs 798.40 per share and allowing a potential 5 per cent discount. The QIP will open on August 8, 2024, following shareholder approval and necessary regulatory clearances.
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 Friday, the shares of Eraaya Lifespaces Limited gained 1.25 per cent to Rs 809.90 per share from its previous closing of Rs 796.80. The stock’s 52-week high is Rs 840 and its 52-week low is Rs 13.98.
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.