Promoters sold 8,30,007 shares: Low PE penny stock under Rs 15 in green as Board considered and approved the draft letter of offer for the proposed rights issue!
The stock is up by 42.60 per cent from its 52-week low of Rs 9.40 per share with a PE of 9x whereas the industry PE is 40x.
The Board of Directors of the company in the meeting of September 20, 2024, considered and approved the draft letter of offer for the proposed rights issue. The draft letter of offer is to be filed with the BSE Limited (BSE) for their in-principle approval. Further, the terms of the issue & pricing will be determined by the board of directors/rights issue committee at a later date.
Jonjua Overseas Ltd is seeking to significantly expand its authorized share capital from Rs 8 crore to Rs 16 crore. This proposed change will require the approval of shareholders at the upcoming Annual General Meeting. Additionally, the Board has approved amendments to the company's Articles of Association to enhance flexibility in collecting unpaid share amounts.
To raise up to Rs 8 crore, Jonjua plans to launch a rights issue offering new equity shares to existing shareholders. The specific terms and conditions of the rights issue, including the issue price, allotment ratio, and record date, will be determined by the board or a designated rights issue committee.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
About the Company
Jonjua Overseas Ltd is an Indian company involved in various sectors, including service exports, corporate consultancy, agriculture, and the sale of printed books. The company offers services such as service exports, printing of books, agriculture, and domestic service sales. The company has a market cap of Rs 8.44 crore. According to the financials, the company reported positive numbers in its half-yearly results (H2FY24) and annual results (FY24).
On Monday, shares of Jonjua Overseas Ltd gained 0.83 per cent to Rs 13.40 per share from its previous closing of Rs 13.39 with an intraday high of Rs 14.89 and an intraday low of Rs 12.50. The stock’s 52-week high is Rs 21.45 and its 52-week low of Rs 9.40. The stock is an SME stock having a lot size of 4,082 shares and currently trading at 1.10 times its book value.
The stock is up by 42.60 per cent from its 52-week low of Rs 9.40 per share with a PE of 9x whereas the industry PE is 40x. Investors should keep an eye on this micro-cap IT stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.