Multibagger penny stock below Rs 5 hit 5 per cent upper circuit on January 23; Board approved allotment of 13,50,00,000 warrants into equal numbers of equity shares!
From Rs 0.74 per share to Rs 2.34 per share, the stock gave multibagger returns of over 200 per cent from its 52-week low till today’s intraday high.
G G Engineering Ltd informed that the Board of Directors of the company in their meeting held today i.e. Monday, January 22, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 13,50,00,000 warrants into 13,50,00,000 equity shares at an issue price of Rs 1.32 each (including a premium of Rs 0.32 each), to “Non-Promoters /Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs 13,36,50,000 at the rate of Rs 0.99 per warrant (being 75 per cent of the issue price per warrant) from the allottees according to the exercise of their rights of conversion into equity shares.
Today, shares of G G Engineering Ltd hit a 5 per cent upper circuit to Rs 2.35 per share from its previous closing of Rs 2.24 per share. The stock’s 52-week high is Rs 2.77 per share and its 52-week low is Rs 0.74.
G G Engineering Limited manufactures electric power generators. The company develops diesel generators and engines for power management. The company reported positive numbers in its Quarterly Results (Q3FY24) and nine-month results (9MFY24) for the fiscal year 2024.
According to the standalone quarterly results (Q3FY24), the company reported net sales of Rs 43.50 crore and a net profit of Rs 0.54 crore while in its nine-month results (9MFY24), the company reported net sales of Rs 135.68 crore and a net profit of Rs 1.63 crore.
According to December 2023, promoters of the company increased their stake to 3.61 per cent from 1.97 per cent in September 2023 while the public owns a 96.39 per cent stake in the company. From Rs 0.74 per share to Rs 2.34 per share, the stock gave multibagger returns of over 200 per cent from its 52-week low till today’s intraday high.
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