Ajay Devgn: Bollywood's Singham allotted 1,00,000 shares of multibagger stock; scrip Locked at upper circuit and jumped over 2100 per cent!

At the time of reporting, the stock hit its upper circuit limit of 5 per cent, reaching a 52-week high of Rs 995.80

Indian benchmark indices traded in the green today, buoyed by the performance of index heavyweight Reliance Industries, which soared past the 3,000 mark, registering a robust 1.27 per cent increase. Among the notable movers, Panorama Studios International Ltd attracted significant investor interest, witnessing heavy buying demand. At the time of reporting, the stock hit its upper circuit limit of 5 per cent, reaching a 52-week high of Rs 995.80.

In a recent development, Panorama Studios International Ltd confirmed the receipt of share application money totaling Rs 24,66,00,000 in the company's preferential shares bank account. This sum was received from 9 out of 10 proposed allottees (Equity Shares Allottees). Subsequently, the Board of Directors allotted 9,00,000 (Nine Lakh) equity shares, each with a face value of Rs. 10, fully paid up, at a price of Rs. 274 per share, including a premium of Rs. 264 per share. These terms were approved by shareholders through a resolution passed in the Extraordinary General Meeting held on January 24, 2023, and are in accordance with SEBI Guidelines for Preferential Issues.

Among the proposed allottees, an intriguing name emerged – Ajay Devgn – with a proposal to allot 1,00,000 shares and an amount received totaling Rs 2,74,00,000. Additionally, the company received warrant application/subscription money equivalent to 25 per cent of the warrant issue price of Rs 274 each from promoters, promoter group, and other parties. Notably, Kumar Mangat Pathak proposed 3,00,000 warrants for issuance, falling under the category of promoter.

Last year, in June, Panorama Studios International Ltd and Ajay Devgn Ffilms LLP entered into an agreement with Reliance Industries Ltd through its media and entertainment division, Jio Studios, for the joint production of a movie. Titled "Shaitaan Hambone," the film will be co-produced by Panorama Studios International Limited, Ajay Devgn Ffilms LLP, and Reliance Industries Ltd through its media and entertainment division, Jio Studios. The film stars superstar actors Mr. Ajay Devgn and R Madhvan.

The stock has delivered remarkable returns, emerging as a multibagger investment opportunity. Over the past year, it has surged by over 900 per cent, while in the last three months alone, it witnessed a remarkable 265 per cent increase. Looking further back, over the last three years, the stock has skyrocketed by an impressive 2,165.76 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.