Heavy buying and FIIs & DIIs increase stake: This multibagger small-cap stock announced bonus shares!
Shares of this company have gained more than 15 per cent in the last one month.
Allcargo Logistics Limited has announced a bonus issue of equity shares. And it has also announced its record date for issuing bonus shares. On Tuesday, January 2, 2024, shareholders who own the company's stock will be eligible to receive 3 new bonus shares with a face value of Rs 2 for every 1 existing equity share they hold. The stock gained more than 7 per cent on Friday and FIIs and DIIs increased their stake in the company in September 2023.
Furthermore, Allcargo Logistics and Allcargo Gati have approved a restructuring plan that will see their International Supply Chain business become a separate entity called Allcargo ECU Limited. This leaner Allcargo Logistics, focusing on Express and Contract Logistics, will benefit from combined synergies and offer shareholders direct holding, simplifying the group structure.
Allcargo Gati shareholders will receive 63 shares in the new Allcargo Logistics for every 10 they hold, while Allcargo shareholders get 1:1 shares in Allcargo ECU and retain their existing Allcargo Logistics stake, adjusted for the recent 3:1 bonus issue. This strategic move promises increased efficiency and clarity for investors in the dynamic logistics landscape.
Allcargo Logistics provides integrated logistics solutions and offers specialized logistics services across multimodal transport operations, inland container depots, container freight station operations, contract logistics operations, and project and engineering solutions. The shares of the company have also delivered multibagger returns of over 250 per cent in the last five years.
The stock has shown tremendous growth and investors should keep a close eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ’s 'Multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.