FIIs-backed multibagger penny stock at Rs 4; Board announces rights issue!

The FIIs own a 4.41 per cent stake in the company and the stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 1.95 per share.

Kridhan Infra Ltd, established in 2006, has transformed from a steel products trader to a foundation engineering service provider across India and Southeast Asia. They handle various aspects of foundation construction, from soil analysis to installing different types of piles (bored, driven, and micro) depending on the building size. Their expertise extends to bridge construction with bridge expansion joints, and they also offer rebar mechanical couplers for structural reinforcement. Kridhan Infra has undertaken foundation engineering projects overseas and supplied steel products for various construction projects in Mumbai.

The company is informing you that a board meeting is scheduled for June 1st, 2024 to discuss and approve, among other things, raising funds by issuing new equity shares or other securities. This fundraising can be done through a rights issue, another permissible method, or a combination of both. However, it will need to comply with all relevant statutory and regulatory approvals.

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The Company's Board of Directors approved plans to issue new equity shares through a rights issue, allowing existing shareholders on a yet-to-be-determined record date to purchase them. This issuance aims to raise to Rs 50 crore and will comply with relevant regulations including SEBI's ICDR norms and the Companies Act, 2013. The final price, terms, and conditions will be decided by the Board or a designated committee, adhering to all necessary legal requirements. The issuance is subject to obtaining any mandatory approvals. The details of the rights issue will be announced in due course.

Today, shares of Kridhan Infra Ltd plunged 2 per cent to Rs 3.91 per share from its previous closing of Rs 3.98 with an intraday high of Rs 3.95 and an intraday low of Rs 3.91. The stock has a 52-week high of Rs 7.68 and a 52-week low of Rs 1.95. Kridhan Infra has a market cap of Rs 37 crore. The FIIs own a 4.41 per cent stake in the company and the stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 1.95 per share.

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