Promoter bought 41,21,05,050 shares of this multibagger penny stock under Rs 15; Board announces 5:1 stock split!

The stock gave multibagger returns of 230 per cent in 3 years.

Filatex Fashions Ltd held a meeting of its Board of Directors at their registered office located at D No. 1-80-40-SP-58-65, Shilpa Homes Layout, Gachibowli, K V Rangareddy, Seri Lingampally, Telangana, India-500032. The Board approved a stock split / sub-division of the company's equity shares (5:1 ratio) from a face value of Rs 5 per share to Re 1 per share, complying with the provisions of Section 61(1)(d) of the Companies Act, 2013 and other applicable regulations. The meeting will also address any other business matters that may arise with the chairperson's permission.

Filatex Fashions Ltd, a sock manufacturer founded in 1995, offers a range of luxury socks (Tuscany), business and casual wear socks (Smart Man), and sells a wider variety of designer wear (including handbags and backpacks) through their online store Vogue4all.com. The company has a strong reputation for quality, having supplied socks to major fashion brands like FILA, Adidas, and Disney, and is currently recognized as a small enterprise by the Indian government.

Also Read: Hat-Trick: Founder & Chairman of this fertilisers & agrochemicals company becomes one of the MLAs of Andhra Pradesh for Third Time; details inside!

The company has a market cap of over Rs 1,775 crore and has delivered good profit growth of 96.6 per cent CAGR over the last 5 years. According to Quarterly Results (Q4FY24) and annual results (FY24), the company reported positive numbers and the stock is trading at 0.77 times its book value of 13.8.

On Friday, the shares of Filatex Fashions Ltd plunged 2.29 per cent to Rs 10.65 per share with an intraday high is Rs 11.35 and an intraday low is Rs 10.50. The stock’s 52-week high is Rs 21.50 and its 52-week low is Rs 8.52. The promoters bought 41,21,05,050 shares and increased their stake to 24.82 per cent in March 2024 compared to 1.57 per cent in March 2023. The stock gave multibagger returns of 230 per cent in 3 years. Investors should keep this penny stock under watchlist.

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