Gujarat-Based Rs 3.75 Penny Stock Issues 2.01 Crore Shares to Promoters Above Market Price
Gujarat-Based Rs 3.75 Penny Stock Issues 2.01 Crore Shares to Promoters at 13 per cent Premium
The Friday trading session turned out to be a Black Friday in the true sense, with both Nifty and Sensex witnessing their sharpest single-day loss in recent times. Nifty ended the day down by 1.17 per cent, while Sensex slipped below the 81,000 mark to close at 80,981.96, down by 1.08 per cent.
Amidst this market chaos, an interesting development caught the attention of investors. Radhe Developers (India) Ltd, a penny stock, closed at Rs 3.75 per share, up by 2.46 per cent in the last trading session. The company has allotted 2,01,43,920 equity shares to promoters on a preferential basis against the conversion of a loan amounting to Rs 8,56,11,660.
The issuance of these 2,01,43,920 equity shares has been approved at a price not less than Rs 4.25 per share, indicating that the conversion of the loan to equity shares has been done at a premium of 13 per cent from the closing price of Friday’s session.
Established in 1995, Radhe Developers (India) is a real estate developer with a significant presence in Ahmedabad and Gujarat. The company offers a diverse range of projects, including residential, commercial, weekend homes, and plotted developments.
Disclaimer: The article is for informational purposes only and not investment advice.