Multibagger stock under Rs 100; Board likely to announce rights issue!

The stock is up by 25 per cent in 1 month and gave multibagger returns of 165 per cent in just 3 years.

Brooks Laboratories Limited that a meeting of the Board of Directors of the Company will be held on July 11, 2023 interalia to transact the following matters:

• To consider and approve the issue price and issue size for the proposed Right Issue.
• To consider and approve the Exchange Ratio / Rights entitlement ratio for the proposed Right Issue.
• To fix Record Date to ascertain the eligible shareholders for the proposed Right Issue.
• To determine the issue opening date, issue closing date and last date for market renunciation.
• Taking on record and adopting the Letter of Offer (“LOF”) along with the Abridged Letter of Offer (“ALOF”), Rights Entitlement Letter (“REL”), and Composite Application Form (“CAF”).
• Any other matter incidental and connected to Right Issue.

Brooks Laboratories Ltd is a pharmaceutical manufacturing company primarily working on a contract basis.

Talking about the financials, the company has a market cap of Rs 190.24 crore with a 3-year CAGR of 39 per cent. The company is almost debt-free and the current debt of the company is just Rs 6.51 crore which is just 3.42 per cent of the market cap.

The stock is up by 25 per cent in 1 month and gave multibagger returns of 165 per cent in just 3 years. Investors should keep an eye on this micro-cap stock.