HDFC Defence Fund, Chirag Dilipkumar Lakhi & Atim Kabra - portfolio multibagger defence explosives stock; Board likely to announce stock split & raise funds!
The stock gave multibagger returns of 385 per cent in just 1 year and a whopping 1,200 per cent in 3 years.
Premier Explosives Ltd informed that a meeting of the board of directors of the company is scheduled to be held on Friday, April 19, 2024, to consider and approve, amongst other things, the following:
1) To consider a proposal of sub-division/split in the face value of equity shares of the Company pursuant to the provisions of Section 61 of the Companies Act, 2013.
2) To consider the proposal to raise funds by issue of equity shares or convertible instruments by way of a public issue, preferential Issue, private placement (including one or more qualified institutional placements), or through any other permissible mode and/or combination thereof as may be considered appropriate under applicable law, to eligible investors, subject to the receipt of the necessary approvals including the approval of the members of the Company and such other regulatory/statutory approvals as may be required, including approval of the notice to obtain shareholders' approvals in this regard and to approve ancillary actions for the above-mentioned fundraising.
3) To consider the postal ballot process to seek approval of the members in respect of the aforesaid proposals, as required and any other business with the permission of the chair.
Also Read: Understanding Cash Flow: Essential Types You Need to Know
Premier Explosives Limited is engaged in the manufacturing of industrial explosives and detonators. It also undertakes operation and maintenance (O&M) services of solid propellant plants at the Srihari Kota Centre of ISRO and the solid fuel complex at Jagdalpur under the umbrella of DRDO. The company has a market cap of over Rs 2,000 crore and as of December 31, 2023, the company’s order book stands at Rs 10,266 million.
As of December 2023, HDFC Mutual Fund – HDFC Defence Fund owns 8.64 per cent, Chirag Dilipkumar Lakhi – son of Dilipkumar Lakhi owns a 2.07 per cent stake and Atim Kabra owns a 1.78 per cent stake in the company. Additionally, HDFC Mutual Fund bought 2,17,615 shares or a 2.02 per cent stake in the company in March 2024.
The stock gave multibagger returns of 385 per cent in just 1 year and a whopping 1,200 per cent in 3 years. Investors should keep an eye on this defence explosives stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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