Multibagger stock below Rs 100; Board likely to announce rights issue!
The stock is up by 32 per cent in just 6 months and gave multibagger returns of 260 per cent in the span of 3 years.
Eiko Lifescience Ltd informed that the Right Issue Committee of the Board of Directors of the Company will be held on Friday, June 30, 2023, inter alia, to consider and determine the terms and conditions of the rights issue including the rights entitlement ratio, the issue price, number of calls to be made and other matters incidental or connected therewith.
Furthermore, the company received in-principal approval from the BSE allowing the Board of Directors to issue equity shares of the Company, with a face value of Rs 10 each, up to a total value of Rs 25 Crore through a Rights Issue. This issuance will be exclusively offered to eligible equity shareholders of the Company as per the record date.
Eiko Lifesciences Limited is in the business of manufacturing speciality & fine chemicals. The company also operates as an investment company. The company has a market cap of Rs 51.15 crore with a 3-year CAGR of 52 per cent.
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According to the financials, the company reported positive numbers in its Quarterly Results (Q4) and annual results (FY23). The company has reduced its debt and is currently almost debt-free.
On Wednesday, shares of the company plunged 3.95 per cent to Rs 61.28 per share with an intraday high of Rs 63.70 and an intraday low of Rs 60.40. The stock is up by 32 per cent in just 6 months and gave multibagger returns of 260 per cent in the span of 3 years.
Investors should keep an eye on this micro-cap stock under the radar.