1:5 bonus share & 5:1 stock split: Penny stock under Rs 10; Company make a strategic investment of Rs 1.51 million in Convergence IT Services Pvt Ltd
The stock is down by 83 per cent from its 52-week high of Rs 31.03 per share.
On Tuesday, shares of Starlineps Enterprises Ltd plunged 3.9 per cent to Rs 5.19 per share from its previous closing of Rs 5.40 per share. The stock’s 52-week high is Rs 31.03 per share and its 52-week low is Rs 5.19 per share. The stock is down by 83 per cent from its 52-week high of Rs 31.03 per share.
Starlineps Enterprises Limited is making a strategic move to bolster its portfolio by investing Rs 1.51 million in Convergence IT Services Private Limited (uKnowva), an AI-powered HR tech platform, valuing the company at Rs 360 million, thereby securing a non-controlling equity stake. uKnowva, with its comprehensive HR solutions spanning the entire employee lifecycle, boasts a robust product-market fit, serving over 300,000 active users across 450 clients in India, KSA, Egypt, and the UK, and offering a highly customizable, cost-effective, and scalable platform with a strong social intranet component.
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bonus Shares & stock split Update: The company has approved a stock split from Rs 5 to Re 1 per share, subject to shareholder approval via postal ballot and other necessary clearances (Ratio 5:1). Additionally, a 1:5 bonus issue is proposed for existing shareholders post-split, also pending shareholder and regulatory approval. To accommodate these changes, the company will increase its authorized share capital from Rs 22 crore to Rs 37 crore, requiring shareholder and regulatory approval. The ex-date for bonus shares and a stock split was Wednesday, September 25, 2024.
Starlineps Enterprises Ltd, established in 2011, is a Surat-based wholesale and retail trader of diamonds and jewellery. The company sources its products domestically and distributes them to manufacturers, wholesalers and retailers primarily in Gujarat. Their product range includes precious stones and jewellery & they offer trading services for various precious metals, stones and ornaments. The company has a market cap of Rs 143 crore.
Disclaimer: The article is for informational purposes only and not investment advice.