Multibagger IT-Stock Hit Upper Circuit After Company’s Board Approves Rs 1,950 Crore One-Time Settlement for NSEL Investors
The stock gave multibagger returns of 186.20 per cent from its 52-week low of Rs 313.90 per share and a whopping 780 per cent in 5 years.
On Monday, one of the Top Gainers on BSE, shares of 63 Moons Technologies Ltd hit a 5 per cent upper circuit to Rs 898.30 per share from its previous closing of Rs 855.55 per share.
63 Moons Technologies Limited has received a proposal for a One-Time Settlement (OTS) of Rs 1,950 crore from the NSEL Investors Forum (NIF). This forum represents a significant number of traders who were affected by the financial crisis at the National Spot Exchange Limited (NSEL). The OTS proposal has garnered overwhelming support from the affected traders, indicating a strong desire to resolve the long-standing issue.
In response to the overwhelming support for the OTS, the Board of Directors of 63 Moons Technologies has approved the settlement. This decision is subject to obtaining necessary approvals and fulfilling conditions to protect the company's interests. The OTS will involve the closure of certain legal proceedings against the company and the assignment of the traders' claims to the company. This will enable the company to pursue recoveries from defaulters and others through legal means or asset liquidation.
A timeline for implementing the OTS has been outlined. The settlement scheme is expected to be prepared by January 15, 2025. The NIF will review the scheme and provide comments by January 30, 2025. Finally, the settlement scheme will be filed in the appropriate judicial forum by February 15, 2025. This timeline suggests a proactive approach to resolving the issue and providing relief to the affected traders.
Earlier, the company’s subsidiary Ticker Limited further raised funds through the private placement of 7,30,00,000 fresh equity shares at Rs 20 per share. After the above allotment by Ticker Limited, the shareholding of 63 moons in Ticker Limited stands at 67.49 per cent.
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About the Company
63 Moons Technologies Limited develops trading technologies. The company offers a trading platform for multi-asset classes such as equity, commodity, and equity and forex-based derivatives. 63 Moons Technologies provides warehousing and collateral management services worldwide.
The company has a market cap of Rs 4,139 crore and has delivered good profit growth of 52.4 per cent CAGR over the last 5 years. The company's promoters own 45.63 per cent of the shares, while FIIs own 3.05 per cent and DIIs own 0.01 per cent as of September 2024. The public owns the remaining 51.31 per cent of the shares. Additionally, the stock is trading at 1.18 times its book value.
The stock gave multibagger returns of 186.20 per cent from its 52-week low of Rs 313.90 per share and a whopping 780 per cent in 5 years. Investors should keep an eye on this multibagger small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.