Multibagger from its 52-week low; Board announced bonus shares in the ratio 3:1

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 79 per share.

The Board of Directors of Grovy India Ltd has approved a proposal to issue bonus equity shares to its members in a ratio of 3:1, subject to shareholder approval at the 39th Annual General Meeting on September 30, 2024. This bonus issue would be accomplished by capitalizing the Securities Premium account. Additionally, the Board has approved an increase in the company's authorized share capital from Rs. 54,000,000 to Rs. 13,33,62,720, requiring corresponding amendments to the Memorandum of Association and articles of association.

Grovy India Ltd, established in 1985, specializes in real estate development and consultancy. The company has completed various projects, including boutique apartments, farmhouses, houses and commercial properties in prime locations like Greater Kailash, Lajpat Nagar, Hauz Khas, Sarvodya Enclave and Rishikesh. In addition to development, Grovy India Ltd offers a range of services such as re-scaling, redevelopment, cost consultancy, planning and designing, property shortlisting, and design and material consultancy, catering to the diverse needs of their clients in the real estate sector.

On Friday, shares of Grovy India Ltd plunged 5 per cent to Rs 149.80 per share from its previous closing of Rs 157.65 per share. The stock’s 52-week high is Rs 180 and its 52-week low is Rs 79. The company has a market cap of Rs 49.94 crore. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 79 per share. Investors should keep an eye on this multibagger stock.

Disclaimer: The article is for informational purposes only and not investment advice. 

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