99 per cent returns from its 52-week low; Board likely to raise funds via issuance of equity shares, convertible instruments or any other mode!
The stock is up by 99 per cent from its 52-week low of Rs 87.10 per share.
Motisons Jewellers Limited informed that the meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, August 14, 2024, inter-alia to transact the following businesses:
- To consider the proposal for raising funds to augment the financial resources of the Company, by the issuance of equity shares, convertible instruments, or any other securities by any of the permissible means, in one or more tranches as may be decided by the Board, subject to such regulatory/statutory approvals as may be required including the approval of shareholders of the company.
- To consider an increase in the Authorized Share Capital of the Company and consequent amendments in the Capital Clause of the Memorandum of Association.
- To appoint necessary intermediaries, if any, for this purpose and all other matters incidental thereto and connected therewith.
- In addition to the items listed herein above, the Board may consider any other matter with the permission of the Chairman.
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Motisons Jewellers Ltd, established in 1997, is a prominent Indian jeweller offering an extensive collection of gold, diamond, kundan, pearl, silver and platinum jewellery, boasting over 300,000 designs spanning traditional, modern, and fusion styles. The company also arranges virtual appointments to assist its customers. Products offered through online marketplaces are diverse and not available in the showrooms. The company intends to raise funds through the IPO is utilised for Repayment of borrowings, Working capital requirements and General corporate purposes.
The company has a market cap of over Rs 1,500 crore and has delivered good profit growth of 56.2 per cent CAGR over the last 5 years. The stock is up by 99 per cent from its 52-week low of Rs 87.10 per share. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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