1:5 bonus share; 5:1 stock split & Promoter 3.59 per cent pledge share released: Jewellery manufacturer makes a strategic investment of Rs 25,00,000 in CUR8 Ventures Pvt Ltd
The stock’s 52-week high of Rs 185.80 per share and its 52-week low of Rs 83.30 per share.
On Wednesday, one of the Top Losers on BSE, shares of Starlineps Enterprises Ltd hit a 20 per cent lower circuit to Rs 104.40 per share from its previous closing of Rs 130.50 per share with a spurt in volume by more than 2.27 times on BSE. The stock’s 52-week high of Rs 185.80 per share and its 52-week low of Rs 83.30 per share. The company has a market cap of Rs 451.32 crore.
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, jewellery and they offer trading services for various precious metals, stones and ornaments.
Investment Update: Starlineps Enterprises Ltd. has secured a strategic investment of Rs 25 lakh in CUR8, a leading Indian revenue tech platform leveraging GenAI, acquiring up to a 100-basis point equity stake and valuing the company at Rs 300 crore. This strategic move propels Starlineps into the high-growth technology sector, diversifies its investment portfolio, and grants access to cutting-edge GenAI capabilities. CUR8's proven track record, strong clientele, and projected revenue growth of USD 41.2 million by FY2028 make this partnership a promising avenue for long-term value creation. By entering the rapidly expanding sales engagement market, expected to grow at a 15 per cent CAGR, Starlineps positions itself to capitalize on significant return potential while enhancing shareholder value and aligning with its long-term strategic objectives.
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Pledge Shares Update: Varshaben Dhirajlal Koradiya, a major shareholder (promoter) of the company, has submitted the necessary paperwork to announce that 15 lakh equity shares or 3.59 per cent stake of the company have been freed from a pledge held by Orbis Financial Corporation Limited. (Meaning: The company's promoter, Varshaben Dhirajlal Koradiya, has informed the public that a certain number of the company's shares, previously used as collateral for a loan from Orbis Financial Corporation Limited, are no longer under this agreement. Essentially, the shares have been released from the pledge).
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 entire process is expected to be completed by October 7, 2024.
Disclaimer: The article is for informational purposes only and not investment advice.
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