Mukul Agrawal-backed multibagger defence stock to keep under the radar as company to raise funds up to Rs 700,00,00,000 via QIP
The stock gave multibagger returns of 270 per cent in just 1 year, 1,490 per cent in 3 years and a whopping 9,400 per cent in 5 years.
Today, shares of PTC Industries Ltd gained 3.08 per cent to Rs 15,000 per share from its previous closing of Rs 14,551.60 per share. The stock’s 52-week high is Rs 15,650 and its 52-week low is Rs 3,825.
The company inform you that the Board of Directors of the company, at its meeting held on July 13, 2024, has inter alia approved the following matter:
- Raising of funds, aggregating up to Rs 700 crore through Qualified Institutions Placement (QIP) and/or any other permissible mode(s), under the ICDR Regulations and other applicable regulations, through public and/or private offerings of equity shares and/or any other convertible securities, in one or more tranches and/or one or more issuances simultaneously, subject to necessary approvals including the approval of the members of the Company and such other regulatory/ statutory approvals as may be required.
- constitution of the fund-raising committee, a committee of the board of directors of the company for dealing with all matters about fundraising.
- Ancillary actions including the convening of shareholders’ meetings through the extraordinary general meeting to seek approval of the shareholders for the aforementioned issue.
Earlier, PTC Industries, in collaboration with its subsidiary Aerolloy Technologies Limited, successfully mastered a cutting-edge casting process for producing high-performance blades and vanes used in jet engines and industrial gas turbines. This technological leap, once exclusive to a select group of developed countries, solidifies PTC's position as a global leader in the field and propels India into the forefront of advanced manufacturing. The new technology's capability to create complex components with intricate internal cooling channels underscores PTC's commitment to self-reliance and innovation.
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About the Company
PTC Industries Limited, a leading Indian manufacturer of precision metal components for critical applications for over 60 years, is a major player in the aerospace and defence sector through its subsidiary Aerolloy Technologies. They are significantly expanding their capabilities by investing in a new, state-of-the-art facility on 50 acres of land in Uttar Pradesh. This new location will be fully integrated, housing a Titanium and Superalloy Mill to produce aerospace-grade materials and manufacture castings for domestic and international applications. Beyond aerospace, PTC Industries remains a key supplier of metal components across various industries like defence, oil & gas, and marine, with a strong market cap exceeding Rs 22,000 crore and recent positive financial results.
An ace investor, Mukul Agrawal bought 1,67,000 shares and FIIs bought 5,51,688 shares in March 2024 compared to Nil shareholdings in March 2023. The stock gave multibagger returns of 270 per cent in just 1 year, 1,490 per cent in 3 years and a whopping 9,400 per cent in 5 years. Investors should keep an eye on this defence stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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