4,000 per cent returns: This multibagger penny stock under Rs 30 is likely to raise funds up to Rs 90,00,00,000 through QIP; scrip hit upper circuit!

The stock gave multibagger returns of 125 per cent in just 6 months.

MIC Electronics is a global leader in the design, development & manufacturing of LED Video Displays, high-end electronic and telecommunication equipment and development telecom software, inform that a meeting of the Board of Directors of the company is scheduled to be held on Wednesday, September 06, 2023 at 04.00 pm at the Registered Office of the company to transact, inter-alia, the following business:

1. To consider and approve the issue of securities of the company to raise funds up to Rs 90,00,00,000 through qualified institutions placement (QIP) or private offerings or any combination thereof to qualified institutional buyers.

2. To authorize the management committee of the board to appoint various agencies/consultants in connection with the proposed QIP.

3. To consider and approve the draft postal ballot notice.

4. To appoint the scrutinizer to conduct the postal ballot in a fair and transparent manner.

5. To consider and approve the proposal of opening a branch office of the company in Mumbai.

MIC Electronics has a market cap of Rs 641.09 crore with a 5-year stock price CAGR of 59 per cent. On Friday, shares of MIC Electronics Ltd jumped 2 per cent upper circuit to Rs 228.95 per share from its previous closing of Rs 28.39.

The company have announced its Quarterly Results (Q1FY24) wherein revenue from operations grew by 241.32 per cent from Rs 2.42 crore and net profit skyrocketed by 200 per cent from a net loss of Rs 1.24 crore in Q1FY23 to a net profit of Rs 1.24 crore in Q1FY24.

The stock gave multibagger returns of 125 per cent in just 6 months, 2,095 per cent in 2 years and over 4,000 per cent in 3 years. Investors should keep an eye on this micro-cap stock.

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