Multibagger penny stock under Rs 5 in green as Board announces rights issue worth Rs 10,00,00,000
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 2 per share.
Mega Corporation Ltd.'s Board of Directors, in a meeting held, authorized the issuance of equity shares through a rights issue to existing shareholders. This rights issue, aimed at raising up to Rs 10 crore, will adhere to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other relevant laws. The specific issue ratio and share price will be determined at a later date. A Draft Letter of Offer (DLOF) will be submitted to BSE Limited to seek in-principle approval for this rights issue.
The Board of Directors of Mega Corporation Limited will convene on Tuesday, November 12, 2024, at 3:00 PM at the company's registered office. The primary agenda items include reviewing and approving the unaudited financial results for the second quarter and first half of the fiscal year ending September 30, 2024 and addressing other relevant matters.
Earlier, the company unveiled its latest venture, "Lendingo." This new division is specifically designed to finance the burgeoning Electric Vehicle (EV) industry, encompassing EVs, their batteries, rickshaws, and other related projects. By introducing accessible financing options, "Lendingo" aims to accelerate the adoption of electric mobility and contribute to sustainable solutions. This initiative aligns with the company's strategic vision to broaden its financial services portfolio and drive internal growth. Additionally, by extending credit to registered MSMEs involved in the EV sector, "Lendingo" supports the growth of this crucial segment while promoting environmental sustainability.
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Mega Corporation Ltd, a prominent Non-Banking Financial Company (NBFC) established in 1985, specializes in providing financial services to both urban and rural India. As a Non-Systemically Important Non-Deposit Taking Non-Banking Financial Company (NBFC-CIC), it offers a range of financing solutions to cater to diverse financial needs, contributing to the economic growth of the country. The company has a market cap of over Rs 40 crore. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 2 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.