Multibagger penny stock under Rs 60 hit 20 per cent upper circuit as the company is into expansion of business; details inside!

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 26.50 per share.

Today, one of the Top Gainers on BSE, shares of Innovatus Entertainment Networks Ltd was locked in 20 per cent upper circuit to Rs 57.24 per share from its previous closing of Rs 47.70. The shares of the company saw a spurt in volume by more than 1.01 times on BSE. The stock’s 52-week high is Rs 57.80 and its 52-week low is Rs 26.50.

Innovatus Entertainment Networks Ltd held a board meeting on June 29, 2024 and made significant decisions. The company is acquiring a controlling stake (85.68 per cent) in Aventez Media & Technologies Limited (AMTL) for Rs 91.11 crore. To fund this acquisition, Innovatus will issue new shares at Rs 45 each (including a premium of Rs 35) to AMTL shareholders. This acquisition will make AMTL a subsidiary of Innovatus and represents a move into the Media & Technology industry for Innovatus.

The board also approved increasing Innovatus's authorized share capital, subject to shareholder approval, and relocating its registered office within the same area. Additionally, they greenlit processes for an upcoming Extraordinary General Meeting and the preferential share issuance. The acquisition is expected to close within 15 days of receiving the necessary approvals. It's worth noting that some Innovatus promoters hold shares in AMTL, making this a related party transaction.

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Innovatus Entertainment Networks Ltd, founded in 2012, is a full-service "infotainment" company offering a 360-degree solution for direct marketing needs. They handle everything from initial concept development and creative design to final execution, including event management (coordination, promotion, production, logistics, talent management), activations (promotional events at schools, malls, societies, etc.), and exhibitions (design, fabrication, installation, and management of displays and booths). However, they rely on third-party vendors for materials, design, media, and other services to fulfil their client contracts.

The company has a market cap of Rs 22.66 crore. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 26.50 per share. Investors should keep an eye on this Penny Stocks.

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