Debt-Free Penny Stock Below Rs 10: Board Announces 2:1 Rights Issue; Check Record Date Inside
The stock is up by 8.40 per cent from its 52-week low of Rs 8.36 per share and has given multibagger returns of over 1,700 per cent in 5 years.
Tirupati Tyres Ltd has announced rights issue, aiming to raise an aggregate amount not exceeding Rs 49 crore. The company will issue 4,88,87,000 fully paid-up equity shares with a face value of Rs 10 each, at an issue price of Rs 10 per share. The Rights Entitlement Ratio has been set at 2 (Two) new Equity Shares for every 1 (One) Equity Share held by eligible shareholders as of the Record Date.
The Record Date for determining the eligible shareholders for the Rights Issue is Thursday, April 17, 2025. The Rights Issue will open for subscription on Friday, April 25, 2025, and will close on Monday, May 19, 2025. The last date for on-market renunciation of Rights Entitlements is Tuesday, May 13, 2025. Eligible Equity Shareholders are advised to ensure that off-market transfers for renunciation are completed such that the Rights Entitlements are credited to the renounces' demat accounts on or before the Issue Closing Date. The entire amount of Rs 10 per Rights Equity Share will be payable on application, with other terms of the issue to be detailed in the Letter of Offer. The Rights Issue is expected to double the company's outstanding equity shares from 2,44,43,500 to 4,88,87,000, assuming full subscription.
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Tirupati Tyres Ltd., established in 1988 and based in India, operates as a retailer of a comprehensive range of automobile parts, with a primary focus on tires and tubes. Their extensive product portfolio caters to a diverse spectrum of vehicles, including two-wheelers like cycles, bicycles, tricycles, mopeds, scooters, and motorcycles, as well as automobiles such as auto rickshaws, tractors, trucks, and buses. Notably, their offerings include specific tire models like MRF Nylogrip Plus for two-wheelers, Bridgestone S248 for automobiles, and specialized tires for agricultural tractors, alongside other products such as car tires and LCV automotive tires, indicating a broad reach within the Indian transportation sector.
Talking about the financials, Tirupati Tyres has a market cap of Rs 22 crore and as of September 2024, the company is debt-free. The stock is up by 8.40 per cent from its 52-week low of Rs 8.36 per share and has given multibagger returns of over 1,700 per cent in 5 years. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.