97 per cent in just 1 week: Debt-free penny stock under Rs 15 hit a fresh 52-week high after Board allots 1,15,20,000 shares to promoters & non-promoters!
The stock gave multibagger returns of 163.33 per cent from its 52-week low is Rs 3.60 per share.
On Wednesday, shares of Janus Corporation Ltd hit 10 per cent upper circuit and made a fresh 52-week high of Rs 11.29 per share from its previous closing of Rs 10.27. At the closing bell, shares of the company were trading at Rs 9.48 per share, down 7.7 per cent and saw a spurt in volume by more than 3 times on BSE. After a meteoric rise of 97 per cent in a week, the stock experienced a sharp decline. It has rebounded partially, with a 66 per cent increase for the week.
Janus Corporation Limited (JCL) is set to discuss and approve a significant transaction at its Board meeting on July 29, 2024. The company will consider formally acknowledging the in-principle approval granted by BSE Ltd. for issuing and allotting 1,15,20,000 equity shares on a preferential basis. These shares will be allotted to both promoters and non-promoters of Forever Business Solutions Private Limited (FBSPL) as payment for acquiring their shares. The transaction is subject to SEBI regulations.
The core of the meeting revolves around the allotment of 11,520,000 equity shares to FBSPL shareholders in exchange for acquiring 100 per cent of FBSPL's equity shares. The share swap deal values FBSPL's shares at Rs 48 per share, resulting in a total transaction value of Rs 13.82 crore. Post-acquisition, FBSPL will become a wholly-owned subsidiary of JCL. The Board will also authorize necessary applications for listing and trading permissions. A detailed breakdown of allottees, including share allocations and their categories, is included in the announcement.
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Janus Corporation Ltd, established in 1998, operates primarily in Mumbai, engaging in media and consulting services alongside building material supply. The company's core business involves civil construction, encompassing site development, land filling, fencing, hoarding erection, and the trading of construction materials such as cement, iron, steel, sand, soil, and aluminium. Additionally, Janus Corporation offers specialized services in media, consulting, and building material supply, forming a diverse portfolio of business operations.
The company has a market cap of Rs 12.70 crore and as of March 2024, the company is debt-free. The stock gave multibagger returns of 163.33 per cent from its 52-week low is Rs 3.60 per share. Investors must keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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