Stock below Rs 20: Don’t miss action in this stock that has announced rights issue!

Today shares of the company saw a spurt in volume by more than 1.46 times on BSE.   

On Friday, shares of Mehai Technology Ltd surged 3.53 per cent to an intraday high of Rs 16.45 per share. At 03:30, the shares ended in the red, down 2.45 per cent to Rs 15.50 per share. The stock has a 52-week high of Rs 65.65 and a 52-week low of Rs 12.30.   

The Board of Directors of Mehai Technology Ltd, in its meeting held today, i.e. Thursday, March 02, 2023, considered and approved a Rights issued to the eligible equity shareholders of the Company as on Record date (to be notified subsequently) and fundraising through a rights issue of an amount not exceeding Rs 21.42 crore.    

Mehai Tech is engaged in the business of manufacturing electronic lighting equipment, wholesale of computers, computer peripheral equipment and software, trading in paper and trading in chemicals. Today shares of the company saw a spurt in volume by more than 1.46 times on BSE.   

According to the financials, Mehai Tech has a market cap of Rs 16.60 crore. The company reported positive numbers in both Quarterly Results and annual results. In FY22, net sales rose by 18.31 per cent and net profit rose by 200 per cent compared to FY21.   

The promoters hold the maximum number of stakes which is 52.16 per cent and the rest are owned by the general public which is 47.81 per cent, as of December 2022.