Back-To-Back Lower Circuit & 1,600 Per Cent Multibagger Returns: Board Likely To Announce Stock Split & Raise Funds via Preferential Issue

The stock gave multibagger returns of over 1,600 per cent from its 52-week low of Rs 18 per share.

Mehai Technology Limited informed that the meeting of the Board of Directors of our Company is scheduled to be held on Friday, January 24, 2025 at the Corporate Office of the Company at Unit No. 708, 7th Floor, ECO Centre, Block-EM-4 Sector V, Salt Lake, Kolkata-700091, West Bengal, India, inter- alia, to transact the following business:

1. To approve the unaudited financial results along with limited review report for the quarter ended December 31, 2024.
2. To consider and approve the alteration in the share capital of the company by sub-division/stock split of existing equity shares having a face value of Rs 10 each, fully paid-up, as may be determined by the Board of Directors and consequent alteration of Memorandum & Articles of Association of the Company, subject to the approval of the Shareholders and such authorities as may be required.
3. Proposal for fundraising by way of issue of equity shares/ convertible warrants and/or any other instruments through the preferential issue on a private placement basis, subject to such regulatory or statutory approvals as may be required and the approval of the shareholders of the company.
4. Further, we wish to inform you that the Company proposes to seek Members’ approval for the said proposal in due course by way of Postal Ballot/ Extraordinary General Meeting.
5. Discussion of any other matters with the permission of the chair.

About the Company

Today, the shares of Mehai Technology Ltd hit a 2 per cent lower circuit to Rs 313.65 per share from its previous closing of Rs 320.05 per share. The stock’s 52-week high is Rs 340.10 per share while its 52-week low is Rs 18 per share.

Mehai Technology Ltd manufactures and sells lighting products. The company offers LED bulbs, tube lights, and power banks. Mehai Technology also renders after-sale services. The company is an electronics retail chain operator in Eastern India which provides customers with a one-stop-shop for all their electronics needs. At present, the company has 16 electronics retail stores in Patna and plans to open 4 new stores in Kolkata

According to the financials, Mehai Technology has a market cap of Rs 775 crore. The company reported positive numbers in its Quarterly Results and annual results. The stock gave multibagger returns of over 1,600 per cent from its 52-week low of Rs 18 per share.

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