Don’t miss action in this multibagger stock that has announced rights issue; stock surged over 15 per cent on June 30!

From Rs 91 per share to Rs 289.90 per share, the stock gave multibagger returns of 218.58 per cent in just 1 decade.

On Friday, one of the Top Gainers on BSE, shares of Shilpa Medicare Ltd zoomed 17.77 per cent to Rs 289.90 per share from its previous closing of Rs 246.15. At the closing bell, shares of the company were trading at Rs 284.55 per share, up 15.60 per cent.

The sudden increase in the stock price was that Shilpa Medicare informed that a meeting of the Board of Directors of the company has approved the rights issue of Equity Shares with an offer size up to Rs. 325 Crores (Rupees Three hundred and twenty-five crores only) on Rights Basis to the existing shareholders of the Company as on the record date (to be notified in due course of time).

Furthermore, the Board has formed and authorised a 'Rights Issue Committee' to decide the detailed terms and conditions of the Issue, including but not limited to deciding the rights entitlement ratio, issue price, payment modalities/schedule thereof, record date, timings, other terms and conditions, and all other related matters such as the appointment of intermediaries, filing requisite regulatory documents, and so on.

Shilpa Medicare Ltd is an Indian pharmaceutical company that specializes in the development, manufacturing, and marketing of active pharmaceutical ingredients (APIs) and finished dosage forms (FDFs). The company has a global presence, with exports to over 65 countries.

According to the financials, Shilpa Medicare has a market cap of Rs 2,469.95 crore. The shares of the company saw a spurt in volume by more than 4.34 times on BSE.

From Rs 91 per share to Rs 289.90 per share, the stock gave multibagger returns of 218.58 per cent in just 1 decade. Investors should keep an eye on this Small-Cap pharma stock.