Penny stock below Rs 2: 3,200 per cent jump; Board approves 57,00,00,000 preferential allotment- debt free company!
This stock has been consistently hitting upper circuits, recently achieving a fresh 52-week high
The concept of defying gravity in the stock market often conjures images of prolonged periods where prices soar relentlessly, defying all logical explanations. Indeed, in times of bullish sentiment or outright euphoria, rationality often takes a backseat, with market dynamics driven by the sheer determination of bulls to buy versus the bears' willingness to sell. Thus, investor psychology becomes a highly unpredictable factor.
One such remarkable instance of defying market norms is evident in Avance Technologies, a penny stock with a market capitalization of Rs 262, trading at Rs 1.32 per share. Despite its humble beginnings, this stock has been consistently hitting upper circuits, recently achieving a fresh 52-week high. Its performance is nothing short of astonishing, delivering multibagger returns of 3200 per cent over the past year.
With a book value of Rs 1.88 per share, Avance Technologies currently trades at a mere 0.70 times its book value, further enhancing its allure. Additionally, the company boasts nearly zero debt, adding to its appeal among investors seeking fundamentally strong opportunities.
In a pivotal Board meeting held on February 17, 2024, several crucial decisions were made:
1. Increase in Authorized Share Capital: The Board proposed an increase in Authorized Share Capital from Rs 200 crores to Rs 300 crores, pending shareholder approval.
2. Preferential Allotment of Convertible Equity Warrants: Subject to shareholder approval via postal ballot, the Board approved the preferential allotment of up to 57 crore convertible equity warrants to 27 non-promoter investors. These warrants are convertible into equity shares within 18 months from the date of allotment.
3. Approval of Postal Ballot Notice: The Board also greenlit the issuance of a postal ballot notice to obtain shareholder approval for the aforementioned decisions.
The list of allottees for the convertible equity warrants includes esteemed entities and individuals such as:
1. Craft Emerging Market Fund PCC - Prosperity Investments Fund
2. Eminence Global Fund PCC
3. AG Dynamic Funds Limited
4. Craft Emerging Market Fund PCC - Elite Capital Fund
5. Slesha Commercial Limited
6. Sunayana Investment Company Limited
7. Whamia Traders LLP
8. Gittanjali Commosales LLP
9. Rajmish Traders LLP
10. Mishti Traders LLP
11. V Cats Consultancy LLP
12. Send Grid Consultancy LLP
13. Ingenius Investment Advisors LLP
14. HMM Consultants LLP
15. Damini Commosles LLP
16. Birva Trading LLP
17. Mahashali Tradewing LLP
18. Kamla Multitrade LLP
19. Nikhilesh Traders LLP
20. Ranjan Kumar Saha HUF
21. Ranjan Kumar Saha
22. Satyam Joshi
23. Rajan Chopra
24. Beeban Singh
25. Anisa Alnasir Gilani
26. Alnasir Abdul Aziz Gilani
27. Zeenat Al Nasir Gilani
28. Amardeep Singh
29. Alka Kaur
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ offers a service 'Pop BTST" with recommendations for intraday stocks for tomorrow 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
-
Penny stock at Rs 20: Receives Rs 8,00,00,000 order from Mahindra & Mahindra; Keep an eye on this!
-
Multibagger penny stock at Rs 1.32 hit non-stop 70 consecutive upper circuits; Board likely to raise funds via rights issue or QIP for business expansion!
-
Multibagger penny stock under Rs 5 and reports a 1,555 per cent jump in net profit: Board announce stock split!
-
Multibagger penny stock under Rs 2: Board announces stock split of shares; reports a 500 per cent jump in net profit!
-
Multibagger penny stock under Rs 2; Board likely to announce stock split!
-
Multibagger in just 1 year: Watch out for these penny stocks with promoter holding of more than 50 per cent; do you own any?
-
Watch out for these penny stocks locked in the upper circuit on July 07
-
Multibagger Stock under Rs 2: Watch out for this penny stock that was locked in upper circuit as it announces stellar results!
-
Multibagger stock under Rs 1: Watch out for this penny stock that was locked in upper circuit on May 05
-
Multibagger Stock under Rs 1: Don't miss action in this penny stock that has announced stock split!
-
Penny Stock turned Multibagger in just 2 weeks; hits back to back four upper circuits; do you own it?
-
A fairy tale for investors: This small-cap basmati rice stock moves from nearly Rs 8 to Rs 72 in just a span of two months!
-
Rs 13.50 crore order book & Multibagger in just 1 year; Board announces rights issue worth Rs 4,00,00,000
-
Under Rs 110: Multibagger civil construction stock to keep under the radar with a strong book of Rs 1,200 crore!
-
DIIs-backed multibagger penny stock under Rs 20: This civil construction company is into expansion of business; details inside!
-
14:48 Bonus Shares announced for the 4th consecutive year: Keep this multibagger IT-stock with 2,400 per cent returns under the radar!
-
Promoters bought 8,48,030 shares: This multibagger IT-company bags new orders worth Rs 8,00,00,000 from Chief Minister of Gujarat
-
2:1 stock split & Rs 22,000 crore order book: Multibagger shipbuilding & repair stock hit 52-week high as company bags order worth Rs 1,100 crore from Wilson ASA
-
Multibagger Stock at Rs 70.85 Hit Upper Circuit & 52-Week High as Company Securing a New Client-Win with India's Largest Integrated Power Company Within the Energy and Utility Industry!
-
2:1 Bonus Share & 10:1 Stock Split: Multibagger penny stock at Rs 1.70 with 4,150 per cent returns; Board to raise Rs 4,01,50,00,000 via private placement