Multibagger gems & jewellery stock hit 52-week high; Board raised Rs 170 crore from FIIs which will be used to support the company's growth plans!
The stock gave multibagger returns of 191.50 per cent from its 52-week low of Rs 87.10 per share.
Today, one of the Top Gainers on BSE, shares of Motisons Jewellers Ltd surged 9.90 per cent and made a new 52-week high of Rs 253.85 per share from its intraday low of Rs 231 per share with 2 times spurt in volume.
Motisons Jewellers Ltd, established in 1997, is a prominent Indian jeweller offering an extensive collection of gold, diamond, kundan, pearl, silver and platinum jewellery, boasting over 300,000 designs spanning traditional, modern, and fusion styles. The company also arranges virtual appointments to assist its customers. Products offered through online marketplaces are diverse and not available in the showrooms. The company intends to raise funds through the IPO is utilised for Repayment of borrowings, Working capital requirements and General corporate purposes.
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Motisons Jewellers Ltd has secured a significant investment of up to Rs 170 crore through the issuance of fully convertible warrants to non-promoter investors. The funds raised will be used to fuel the company's growth plans. To accommodate the new equity shares arising from warrant conversion, the company has increased its authorized share capital. The warrants, with a maturity of 18 months, can be converted into equity shares at a premium to the SEBI-determined floor price. This strategic move will result in a decrease in promoter shareholding and an increase in public shareholding. The issue price for the warrants is Rs 170, and the payment will be made in cash. The warrants will be allotted to three investors, including North Star Opportunities Fund, Eminence Global Fund, and Nexpact Limited.
The company has a market cap of over Rs 2,400 crore and has delivered good profit growth of 56.2 per cent CAGR over the last 5 years. The stock gave multibagger returns of 191.50 per cent from its 52-week low of Rs 87.10 per share. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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