Penny stock under Rs 10 to keep under radar as Board announces 5:1 stock split and to acquire equity shares of Braveedge Marketing Pvt Ltd
The stock is down by 57 per cent from its 52-week high of Rs 18.86 while the scrip is up by 37 per cent from its 52-week low of Rs 5.97 per share.
Mayukh Dealtrade Limited held a meeting of its Board of Directors, at its registered office in Mumbai. During this meeting, the Board discussed several key proposals. Firstly, the Board initiated discussions on a potential sub-division or stock split of its equity shares. However, a final decision on this matter will be deferred to the next Board meeting. Secondly, the Board commenced deliberations on acquiring equity shares of Braveedge Marketing Private Limited. To facilitate due diligence, the Managing Director has been authorized to appoint professionals to verify compliance requirements. Similar to the first proposal, a final decision on this acquisition will be made at a subsequent Board meeting.
Additionally, the Board explored various avenues for fundraising, including rights issues, preferential issues of equity shares, or warrants. The Board will conduct further analysis and make a final determination on the most suitable fund-raising method at the next meeting. To support these initiatives, the Board empowered the Managing Director to appoint a valuer to assess the equity share value and a consultant to assist with the fund-raising process.
Lastly, the Board considered changing the company's name to Sattva Sukun Lifecare Limited or an alternative name approved by the Registrar of Companies (ROC). The Managing Director has been authorized to apply for a name reservation, and the Board will provide final approval subject to shareholder ratification at the upcoming Annual General Meeting (AGM).
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About the Company
Mayukh Dealtrade Ltd, established in 1980, manufactures and sells burners. The company's product line includes camphor sticks and various aroma burners, such as Mantra Aroma Burner, Brilliance with Timer, and Navkar Mantra Aroma Burner. In July 2021, they launched the Brilliance with Timer aroma burner and expanded their business by acquiring a 60 per cent stake in Mayukh Medi Care Private Limited, a subsidiary focused on medical and general stores.
On Tuesday, shares of Mayukh Dealtrade Ltd gained 0.62 per cent to Rs 8.18 per share from its previous closing of Rs 8.13 with an intraday high of Rs 8.40 and an intraday low of Rs 7.92. The stock is down by 57 per cent from its 52-week high of Rs 18.86 while the scrip is up by 37 per cent from its 52-week low of Rs 5.97 per share. The company has a market cap of Rs 19.63 crore and investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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