Penny Stock Under Rs 3 To Keep Under Radar As Company Issuance Of 45,23,00,000 Warrants On A Preferential Basis To Non-Promoters
The stock is up by 47.77 per cent from its 52-week low of Rs 1.57 per share and it is trading at 0.29 times its book value.
On Thursday, shares of KBC Global Ltd plunged 0.43 per cent to Rs 2.32 per share from its previous closing of Rs 2.33 per share with an intraday high of Rs 2.35 and an intraday low of Rs 2.31. The stock is up by 47.77 per cent from its 52-week low of Rs 1.57 per share and it is trading at 0.29 times its book value. The company has a market cap of Rs 393.75 crore.
The Board of Directors of the Company, at their meeting held on October 16, 2024, have approved the issuance of 45,23,00,000 warrants on a preferential basis to non-promoters/investors for Rs 2.20 per warrant (including a premium of Rs 1.20 per warrant). Each warrant is convertible into one equity share of face value Re 1 each, fully paid up. The total amount raised will be Rs 99,50,60,000. The issuance is under the SEBI (Issue of Capital and Disclosures Requirements) Regulations, 2018, as amended. The details of the investors and the outcome of the subscription are enclosed in Image Below.
Earlier, KBC Global Limited announced that it had successfully delivered 13 units to customers in September 2024. These units are part of three ongoing projects: Hari Kunj Mayflower (5 units), Hari Krishna Phase IV (4 units), and Hari Sanskruti Phase II (4 units). This achievement marks a significant milestone for the company as it continues to deliver high-quality homes to its valued customers.
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About the Company
KBC Global Ltd is a real estate company established in 2007 with a focus on construction, development, and civil contracting. As a part of the Karda Group, KBC Global specializes in residential and commercial real estate projects, ranging from 1BHK apartments to luxury penthouses. The company operates under a business model that involves acquiring properties, forming joint ventures, marketing and selling projects, and executing civil contracting projects. KBC Global has several ongoing projects, including Hari Vasant Twin Towers, Hari Kunj Mayflower, Karda Highstreet, Hari Aangan, and Hari Sanskruti. Additionally, KBC Global's subsidiary, KBC International Limited, has expressed interest in partnering with the Federal Housing Authority in Nigeria to develop low-cost housing projects in Africa.
Disclaimer: The article is for informational purposes only and not investment advice.