Heavy buying penny stock under Rs 2: Board announces rights issue; scrip hit upper circuit & 52-week high!
The stock gave over 50 per cent returns from its 52-week low of Rs 0.95 per share.
On Tuesday, shares of Srestha Finvest Ltd hit a 5 per cent upper circuit to Rs 1.50 per share from its previous closing of Rs 1.37. The shares of the company saw a spurt in volume by more than 4.53 times on BSE. The stock also made a 52-week high is Rs 1.50 per share.
In the recent trading sessions, the stock has been hitting back-to-back upper circuits with heavy buying. The sudden rise in the stock price was due to the company announcing the following agenda: -
1) Increase in authorised share capital of the company from present Rs 1,17,00,00,000 divided into 58,50,00,000 equity shares of face value of Rs 2 each to Rs 1,67,00,00,000 divided into 83,50,00,000 equity shares of face value of Rs 2 each and that clause V of Memorandum of Association be altered accordingly.
2) Approval for the raising of funds through issuance and allotment of equity shares having a face value of Rs 2 (equity shares) for an aggregate amount not more than Rs 49,00,00,000 on a right issue basis, on such terms and conditions as may be decided by the Board of Directors of our company to the eligible equity shareholders of the company, as on the record date (to be notified subsequently).
Established in 1985, Srestha Finvest Ltd. is a multifaceted financial services company that offers a range of solutions, including loans, financing, and investments. They hold a specific regulatory license: a Category B Non-Systematically Important Non-Deposit Taking NBFC - Investment and Credit Company. This allows them to provide loans secured by various assets (securities, movable and immovable properties), offer hire purchase and leasing options, and engage in trading and investing in shares.
The company has a market cap of Rs 82.36 crore and its 100 per cent stake is owned by the public. The stock gave over 50 per cent returns from its 52-week low of Rs 0.95 per share.
Disclaimer: The article is for informational purposes only and not investment advice.
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