Multibagger electrical equipment stock at Rs 100.32: Board likely to raise funds & acquisition of stake in Peaton Electrical Company Ltd; details inside!
The stock gave multibagger returns of 175 per cent from its 52-week low of Rs 36.53 per share.
Power & Instrumentation (Gujarat) Ltd (PGIL) informed that a Meeting of the Board of Directors of the company will be held on August 01, 2024 at the Registered Office of the Company situated at B-1104 Sankalp Iconic, Opp Vikram Nagar, Iscon Temple Cross Road, S. G. Highway, Ahmedabad-380054, Gujarat, to transact the following business;
- To Increase the authorized share capital of the Company, subject to necessary approvals.
- To consider and evaluate for the raising of funds through the issue of equity shares and/or any other eligible securities, including but not limited to warrants, depository receipts, FCCBs or any combination thereof or securities representing equity shares or convertible into or exchangeable for equity shares, through the preferential issue, qualified institutions placement, rights issue or such other permissible mode or combination thereof, as may be considered appropriate, subject to the approval of the members of the Company, and other regulatory and/or statutory approvals, as applicable;
- To consider the formulation of the Plan, subject to necessary approvals, in accordance and compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014, as amended.
- To consider and approve the acquisition of a stake in Peaton Electrical Company Limited.
Earlier, PIGL secured a Rs 20,93,26,922 contract from Ahmedabad International Airport Ltd., a subsidiary of the Adani Group, to construct a substation for Terminal 2 of Sardar Vallabhbhai International Airport in Ahmedabad. This collaborative project mandates PIGL to design and build the substation by specified requirements within a tight four-month timeframe commencing May 7, 2024. Upon completion, this substation is anticipated to significantly augment the airport's infrastructure and operational efficiency.
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Power & Instrumentation (Gujarat) Ltd, founded in 1975, is a one-stop shop for all your electrical needs. They specialize in designing, installing, maintaining, and repairing electrical systems for industrial and commercial clients. Their services include substations, transformers, generators, power distribution panels, lighting systems, and backup power solutions. They've worked with a wide range of clients in sectors like government, healthcare, telecom, and major corporations.
On Friday, the shares of the company were locked in a 5 per cent upper circuit to Rs 100.32 per share from its previous closing of Rs 95.55. The stock gave multibagger returns of 175 per cent from its 52-week low of Rs 36.53 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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