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Information Technology Security company’s stock locked in upper circuit after approval of NSE for Rights Issue
Prajwal Wakhare
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Information Technology Security company’s stock locked in upper circuit after approval of NSE for Rights Issue

The company’s stock hit the upper circuit after NSE approved a Rights Issue. Revenue declined in Q4FY24.

Globesecure Technologies Ltd locked into the upper circuit of 5 per cent at Rs 61.9 with a market cap of Rs 98.7 crore on Friday. This is due to the in-principle approval received from the National Stock Exchange of India Limited, towards the Rights Issue of 68,31,261 fully paidup equity share at a price of Rs 40 (including a premium of Rs 30) per Rights Equity Share aggregating to Rs 27,32,50,440 to the Eligible Equity Shareholders of Globesecure Technologies Limited.

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Earlier, company informed that Mr. Asheesh Chatterjee has submitted his resignation from the post of Non- executive Independent Director of the Company with immediate effect, citing reasons as other personal commitments.

In the Quarterly Results of Q4FY24, revenue decreased by 31.88 per cent from Rs 20.29 crore in March 2023 to Rs 13.83 crore in March 2024. Over the year, revenue dropped by 7.5 per cent, from Rs 25.83 crore to Rs 23.89 crore.

Incorporated in 2016, Globesecure Technologies Limited is in the business of IT Security products and related services

Investors should keep an eye on this micro-cap stock.

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

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