Rs 75,00,00,000 preferential issue: Watch out for this multibagger penny stock under Rs 15 which was locked in the upper circuit on August 21
The stock gave multibagger returns of 120 per cent in just 6 months and over 175 per cent in 1 year.
GI Engineering Solutions Ltd informed that the Board of Directors of the Company at its duly convened meeting at the registered office of the Company, inter-alia:
The Board considered and approved to augment the long-term financial resources of the company through the raising of funds by way of creating, issuing and allotting up to 5,00,00,000 (five crore only) fully convertible warrants, carrying a right exercisable by the warrant holder to subscribe to one equity share having face value of Rs 10 per warrant, to persons belonging to Non-Promoter, Public Category on preferential basis at an issue price of Rs 15 per warrant, aggregating amount of up to Rs 75,00,00,000 for cash.
GI Engineering Solutions Ltd provides information technology, engineering services and other related services. The company has a market cap of Rs 91.40 crore with a 3-year stock price CAGR of 75 per cent.
According to the Quarterly Results, the net sales increased by 3,110 times to Rs 93.31 crore and net profit skyrocketed 9,500 per cent to Rs 0.94 crore in Q1FY24 compared to Q1FY23.
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Today, shares of GI Engineering Solutions Ltd were locked in 5 per cent upper circuit to Rs 11.31 per share from its previous closing of Rs 10.78. In the recent trading sessions, the stock is hitting back-to-back upper circuits. The shares of the company saw a spurt in volume by more than 5 times on BSE.
The stock gave multibagger returns of 120 per cent in just 6 months and over 175 per cent in 1 year. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.