Multibagger penny stock with 1,700 per cent returns: This micro-cap company enters into settlement agreement with Bank of Baroda – scrip hit upper circuit & 52-week high!
The stock gave multibagger returns of 291 per cent in 6 months and a whopping 1,700 per cent in 1 year.
Today, shares of Rathi Steel and Power Ltd were locked in a 2 per cent upper circuit to Rs 60.52 per share from its previous closing of Rs 59.34. The stock also made a fresh 52-week high of Rs 60.52 per share. In the recent trading sessions, the stock has been hitting back-to-back upper circuits and 52-week highs.
In compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015, it is hereby disclosed that the company has reached a settlement agreement with ACRE Limited (ARC) concerning a loan initially obtained from Dena Bank (now Bank of Baroda) and subsequently assigned to ACRE. The company has duly accepted the terms proposed by the lender, resulting in the complete payment of the settled amount. The decision to opt for debt resolution and settlement stems from a history of sustained losses attributed to various external factors, which led to the accumulation of unsustainable levels of debt for the Company.
Thus, in the best interest of all stakeholders, a settlement agreement was reached between the company and the lender. ACRE's approval of the debt settlement about the loan from Dena Bank (now Bank of Baroda) signifies a resolution of the outstanding debt, with the company fulfilling its commitment by paying the agreed settlement amount in full.
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Established in 1971, Rathi Steel and Power Ltd, a Delhi-based steel manufacturer, offers Rebars and Wire Rods under the "RATHI" brand across 1,000 retail outlets and also supplies stainless steel products to major producers of downstream goods like Bright Bars and fasteners. Their clientele boasts esteemed names like the Airports Authority of India, Delhi Metro Rail, and NTPC.
The company has a market cap of Rs 190 crore and has delivered good profit growth of 18.4 per cent CAGR over the last 5 years. In its Quarterly Results and annual results, the company reported positive numbers. The stock gave multibagger returns of 291 per cent in 6 months and a whopping 1,700 per cent in 1 year.
Disclaimer: The article is for informational purposes only and not investment advice.
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