Mukul Agrawal bets big: Allotted 7,62,500 shares and 7,62,500 convertible warrants of small-cap stock - do you own it?
Notably, the eminent investor Mukul Agrawal emerged as a prominent figure in this allotment
In the initial hour of Monday's trading session, Indian benchmark indices are reflecting a bearish trend, with both Nifty and Sensex experiencing a dip of 0.22 per cent. The majority of sectors, with the exception of Nifty Pharma and Nifty IT, are trading in the red, notably led by Nifty PSU Bank, which has declined by 1.91 per cent.
However, amidst this prevailing market turbulence, there is a notable exception in ASM Technologies Ltd. This stock opened at Rs 789 on the Bombay Stock Exchange (BSE) and briefly surged to its 52-week high of Rs 795 on the same exchange. Nevertheless, it is currently witnessing a decline, trading down by 6.36 percent at Rs 718.10 per share.
ASM Technologies Ltd, a publicly-listed company in India, boasts a global presence with operations spanning across the USA, Singapore, UK, Canada, Mexico, and Japan. With a rich history spanning over two decades, ASM has carved a niche for itself in providing top-notch consulting and product development services in the domains of Engineering Services and Product R&D. Its successful offshore development centers both in India and overseas cater to a diverse global clientele.
The catalyst for ASM's initial surge coule be attributed to pivotal decisions made during the board meeting held on February 11, 2024. The board approved preferential allotment of equity shares and convertible warrants to certain investors, including both promoters and non-promoters.
Further boosting investor confidence was the board's green light for preferential allotment of equity shares and convertible warrants to select investors, including both promoters and non-promoters. Notably, the eminent investor Mukul Agrawal emerged as a prominent figure in this allotment, signaling a strong vote of confidence in ASM Technologies Ltd's future prospects.
Agrawal's proposed investment of approx. Rs 71.78 crore for equity shares and convertible warrants underscores his bullish outlook on the company's growth trajectory. He is set to receive 7,62,500 equity shares and 7,62,500 convertible warrants at a price of Rs 470.70 per security. With 25 per cent of the warrant issue price being paid upfront and conversion into equity shares within 18 months, Agrawal's strategic move reflects a long-term investment strategy aligned with ASM's vision and potential.
The upcoming Extraordinary General Meeting (EGM) scheduled for March 8, 2024, holds significant importance as shareholders will have the opportunity to approve these transformative proposals, solidifying ASM Technologies Ltd's path towards expansion and innovation.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ offers a service 'Flash News Investment' with recommendations for Profit-making Ideas for You (Weekly) based on research and analysis to help subscribers make healthy profits. If this interests you, then do download the service details pdf here
Related articles
-
LIC-backed Marine Company Bagged Order Worth Rs 2,015 Crore; Stock Hits Back-to-Back Upper Circuit for 2 Days, Mukul Agrawal Bought 5,05,000 Shares!
-
From Railways to IT: Mukul Agrawal added these 6 stocks to his portfolio, do you own any of them?
-
Nifty IT index rallies over 1 per cent: Check out these 10 IT stocks owned by super investors, 4 stocks from Mukul Agrawal’s portfolio inside
-
Rs 16,774 crore orderbook: Mukul Agarwal’s infrastructure small-cap multibagger received back-to-back orders of Rs 912 crore from CIDCO and 1,329 crore from BMC
-
Mukul Agrawal’s portfolio multibagger stock: This iron & steel company receives order worth Rs 150 crore from Gensol Engineering Limited!
-
Mukul Agrawal bought 14,00,000 shares of small-cap multibagger pharmaceutical stock; FIIs also increased their holding in this stock!
-
Mukul Agrawal’s small-cap stock witnesses a breakout, hits a fresh 52-week high; Tata Motors and Maruti Suzuki are its clients!
-
Heavy buying: Back-to-back upper circuit in this small-cap multibagger stock; reports a 146 per cent increase in net sales!
-
Mukul Agrawal’s portfolio multibagger stock in green after Government of Chhattisgarh granted permission for capacity extension; stock trades at low PE & high ROE!
-
Heavy buying and FIIs increase stake: Mukul Agrawal gains Rs 4,61,25,000 in this multibagger stock in just one day; gains over 550 per cent!
-
4,000 per cent returns and Rs 531 crore order book: This multibagger stock races towards upper circuit as EV launch looms - know more here!
-
Mukul Agrawal's Wife and Mrs. Ambani-backed small-cap gem reports highest-ever profit; aims to become leading brand with newly commissioned facility