Upper Circuit: This multibagger defence company has approved proposal for fund raising!
On Wednesday, the stock of Nibe Limited locked at 5 per cent, recording a fresh 52 week high of Rs 436.90 per share.
Nibe Limited has informed the exchange that the Board of Directors of the company, at its meeting held on January 3, 2023 has, inter- alia, considered and approved the proposal for fund raising upto to an amount of Rs 104.4 crore by way of:
- Issuance of upto 1,696,026 equity shares of the company, having face value of Rs 10 each at a price of Rs 365/- per share aggregating upto Rs 61.90 crore to the Investors falling under the non-promoter category on preferential basis through private placement.
- Also, there was issuance of upto 1,164,383 convertible warrants at a price of Rs 365 per warrant with a right to the warrant holders to apply for and be allotted 1 equity share of the face value of Rs 10 each at a premium of Rs 355 per share aggregating upto Rs 42.49 crore to the entities falling under promoter and non-promoter category on preferential basis through private placement.
The company is in the business of manufacturing critical components for defence, e-vehicles and software development.
Nibe is engaged in the manufacturing and fabrication of heavy structures related to defence industry, directly and indirectly at their plant located in Chakan, Pune. It has also bagged work orders with reputed players in the market which affirms a positive growth for the company in upcoming financial year.
Shares of Nibe have been on a phenomenal roll in 2022, rallying 677 per cent. Over the last 6 months, the scrip has furnished exceptional returns of 400 per cent.
On Wednesday, the stock of Nibe Limited locked at 5 per cent, recording a fresh 52 week high of Rs 436.90 per share.
Keep a close eye on this trending stock for more action in the coming trading sessions!