Penny stocks under Rs 10: These 2 micro-cap companies announce potential consolidation to create a larger and stronger entity!
Penny stock IEL gave multibagger returns of over 900 per cent in the past 3 years, while penny stock GGEL has lost 73 per cent in the same period.
On September 20, 2023, two micro-cap companies, G G Engineering Ltd and Integra Essentia Ltd, met at their registered office to discuss various matters. Here are the details:
The Board of Directors of both companies has granted in-principle approval for evaluating consolidation proposals with each other: G G Engineering Limited (GGEL) and Integra Essentia Limited (IEL). Both companies are listed on the BSE Limited and engaged in complementary businesses.
The Board believes that consolidation with GGEL and IEL would create a larger and stronger entity, subject to statutory, regulatory, and other approvals, including relevant third-party consents. This would help to pool in the experience, expertise, resources, and client base of the three companies, offering a larger bouquet of life-essential products, FMCG goods, energy, and infrastructure products. The proposed consolidation is also expected to result in streamlining of operations, cost efficiency, and accelerated business growth.
The Board has delegated powers to the officers/KMPs of the Company to evaluate the consolidation in consultation with advisors, who may be appointed in due course.
Additionally, the Board considered and approved the redemption of debentures which were originally issued by the company on July 01, 2013, as per the offer negotiated with the NCD holder for a Lump-sum payment of Rs 1,50,00,000 towards full and final settlement/redemption of the entire 2,845 unsecured, non-convertible redeemable debenture of Rs 100 thousand each.
On Wednesday, shares of Integra Essentia Ltd jumped 5 per cent upper circuit to Rs 7.42 per share from its previous closing of Rs 7.07 while shares of G G Engineering Ltd plunged 1.67 per cent to Rs 1.18 per share from its previous closing of Rs 1.20 per share.
Penny stock IEL gave multibagger returns of over 900 per cent in the past 3 years, while penny stock GGEL has lost 73 per cent in the same period. Investors should keep an eye on these Penny Stocks.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Related articles
-
1:1 Bonus Share & 48 per cent up from its 52-week low: LIC-backed multibagger penny stock at Rs 3.78 hit back-to-back upper circuits; PAT zooms over 700 per cent!
-
Multibagger penny stock below Rs 5 hit 5 per cent upper circuit on January 23; Board approved allotment of 13,50,00,000 warrants into equal numbers of equity shares!
-
From Rs 2.89 to Rs 7.11 per share: LIC-backed multibagger penny stock hit upper circuit as it allotted bonus shares; turned Rs 1 lakh to Rs 2.46 lakh in just 1 month!
-
1:1 Bonus Share: Heavy buying witnessed in this LIC-backed multibagger penny stock; scrip hit 10 per cent upper circuit on January 08
-
Multibagger penny stock under Rs 10 with 1,275 per cent returns: This micro-cap company reports a 246 per cent jump in net profit!
-
Multibagger stock below Rs 10: Keep an eye on this penny stock, which was locked in the upper circuit on February 20
-
20:119 Rights Issue & 1:1 Bonus Share: LIC-backed multibagger penny stock at Rs 4.74 hits back-to-back upper circuits with heavy volume!
-
20:119 Rights Issue & 1:1 Bonus Share: LIC-backed multibagger penny stock at Rs 3.92 – Company bags orders worth Rs 210 million for its Agro and Infra Business Segments
-
LIC-backed multibagger penny stock at Rs 3.89 - Board announces rights issue in the ratio 20:119; Check price, record date and eligibility
-
LIC-backed multibagger penny stock at Rs 3.72 hit upper circuit today; Board likely to announce rights issue!
-
2:1 Bonus Share & 10:1 Stock Split: Multibagger penny stock at Rs 8.90 – This basmati rice manufacturing company bags new order from Shri Mata Vashino Devi Shrine Board, J&K
-
From Rs 3.30 to Rs 64.93 per share in just 1 year: Company gets credit facility of Rs 43.50 crore from Kotak Mahindra Bank and installed wire rod mill; details inside
-
Promoter bought over 5 per cent stake & BofA Securities Europe SA bought 30,00,000 shares of this multibagger penny stock under Rs 60 in Q4; scrip hit upper circuit today
-
Multibagger penny stock under Rs 15 announces strategic purchase of agricultural products from Murae Organisor Ltd worth over Rs 44,13,50,000
-
1:1 Bonus Share: Keep an eye on this LIC-backed multibagger penny stock at Rs 3.15 as the company reports stellar results; PAT zooms over 700 per cent!
-
Rs 6,00,00,000 revenue likely: This film-making company and Producer Mohaan Nadaar’s - Bina Shakkar Ki Chai completes its first shooting schedule!
-
FIIs bought 50,00,000 shares of this multibagger penny stock below Rs 50; Board likely to announce bonus shares!
-
Multibagger EV stock at Rs 85.5 hit upper circuit as it partners with Electra EV to create India’s first fast charging interoperability solutions!
-
Upper circuit & 52-week high alert: Promoter bought 40,00,000 shares and FIIs bought 95,00,000 shares of this multibagger penny stock at Rs 37 via preferential issue!
-
Heavy Buying: Penny stock below Rs 10 hit the upper circuit on February 20; Reported a turnaround story in Q3FY24