52-week high alert: Multibagger jewellery stock surges over 7 per cent; Board announces 10:1 stock split
The stock gave multibagger returns of over 250 per cent from its 52-week low of Rs 87.10 per share.
Today, the shares of Motisons Jewellers Ltd surged over 7 per cent to an intraday high & new 52-week high of Rs 307.90 per share from its previous closing of Rs 287.30 per share. The stock’s 52-week high is Rs 307.90 and its 52-week low is Rs 87.10.
Motisons Jewellers Limited announced plans to subdivide its equity shares from a face value of Rs 10 to Re 1 each. This move, subject to shareholder approval, aims to increase liquidity and accessibility of the company's shares. The record date for determining eligibility for the split has been set for November 9, 2024. Following the split, the total number of equity shares will increase tenfold, while the number of preference shares will remain unchanged.
Earlier, Motisons Jewellers Ltd secured a significant investment of up to Rs 170 crore through the issuance of fully convertible warrants to non-promoter investors. The funds raised will be used to fuel the company's growth plans. To accommodate the new equity shares arising from warrant conversion, the company has increased its authorized share capital. The warrants, with a maturity of 18 months, can be converted into equity shares at a premium to the SEBI-determined floor price. This strategic move will result in a decrease in promoter shareholding and an increase in public shareholding. The issue price for the warrants is Rs 170, and the payment will be made in cash. The warrants will be allotted to three investors, including North Star Opportunities Fund, Eminence Global Fund, and Nexpact Limited.
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About the Company
Motisons Jewellers Ltd, established in 1997, is a prominent Indian jeweller offering an extensive collection of gold, diamond, kundan, pearl, silver and platinum jewellery, boasting over 300,000 designs spanning traditional, modern, and fusion styles. The company also arranges virtual appointments to assist its customers. Products offered through online marketplaces are diverse and not available in the showrooms
The company has a market cap of over Rs 3,000 crore and has delivered good profit growth of 56.2 per cent CAGR over the last 5 years. The stock gave multibagger returns of over 250 per cent from its 52-week low of Rs 87.10 per share. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.