Promoters sold 5,78,14,722 shares of this multibagger penny stock below Rs 3; Board announces rights issue of shares!

The stock’s 52-week high is Rs 7 and its 52-week low is Rs 3.21.

Akshar Spintex Ltd informed that the Board of Directors of the company at its meeting considered and approved the draft letter of offer for the proposed right issue of shares.

Earlier, Akshar Spintex Ltd partnered with Onix Renewable Limited to install a 7000 KVA capacity Solar Ground Mounted System with an 11KV transmission line, reflecting our commitment to sustainability by reducing our carbon footprint and promoting energy efficiency. Expected to be completed by September 2024, this project will generate annual cost savings of Rs 8-9 crore and additional benefits from government subsidies, solidifying our financial sustainability and environmental responsibility.

Furthermore, the shares of the company ex-traded bonus shares in the ratio of 1:5 i.e., 1 new bonus equity share for every 5 existing fully paid-up equity shares of Rs 1 each, subject to approval by the members of the company. The ex-date for bonus shares was Thursday, February 08, 2024.

Today, shares of Akshar Spintex Ltd were locked in a 2 per cent upper circuit to Rs 2.53 per share from its previous closing of Rs 2.49. The stock’s 52-week high is Rs 7 and its 52-week low is Rs 3.21.

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According to the Quarterly Results, the net sales increased by 44.4 per cent to Rs 44.80 crore and net profit increased by 49 per cent to Rs 0.70 crore in Q3FY24 compared to Q3FY23. In its annual results, the company reported net sales of Rs 135.5 crore and a net loss of Rs 2.76 crore in FY23.

Jamnagar, Gujarat-based, Akshar Spintex Limited (ASL) was incorporated in June 2013. ASL manufactures carded, combed and compact cotton yarn of finer quality ranging between 16s to 44s counts. The company have reduced its debt and its current debt is Rs 17.3 crore. The company has a market cap of Rs 75.90 crore.

The promoters of the company sold 5,78,14,722 shares and decreased their stake to 12.04 per cent in March 2024 compared to December 2023 holding. The stock gave multibagger returns of 300 per cent in 3 years.  

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