Promoters sold 2,75,039 shares: Penny stock under Rs 30 from logistics sector in focus as Board announces 8:103 rights issue!
The stock is up by 99.1 per cent from its 52-week low of Rs 13.10 per share.
On Wednesday, shares of Patel Integrated Logistics Ltd plunged 0.08 per cent to Rs 26.08 per share from its previous closing of Rs 26.10 with an intraday high of Rs 26.65 and an intraday low of Rs 25.56. The shares of the company saw a spurt in volume by more than 2.47 times on BSE. The stock’s 52-week high is Rs 29.40 and its 52-week low is Rs 13.10.
The Board of Directors of the Company, at its meeting held today i.e. August 24, 2024, has inter alia considered and approved the following terms of the proposed Rights Issue:
Instrument: Fully paid-up equity shares of face value of Rs 10 each.
Total Number of Equity Shares and Rights Issue Size: 50,00,000 equity shares of a face value of Rs 10 each, for an aggregate amount not exceeding Rs 9 crore.
Rights Issue Price: Rs 18 per equity share (inclusive of securities premium of Rs 8).
Record Date: Friday, September 06, 2024.
Rights Issue Period: The rights issue opening date is Thursday, September 19, 2024; the rights issue closing date is Tuesday, October 01, 2024 and the on-market renunciation period is Thursday, September 19, 2024 to Thursday, September 26, 2024.
Outstanding Equity Shares: Before the rights issue is 6,45,85,746 fully paid equity shares of the company and post rights issue is 6,95,85,746 fully paid equity shares of the company as assuming full subscription.
Rights entitlement ratio: 8 rights equity shares for every 103 fully paid-up equity shares held by eligible shareholders as of the record date.
Other terms of the Rights Issue (including renunciation): To be included in the Letter of Offer to be filed by the Company with BSE Limited and National Stock Exchange of India Limited.
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About the Company
Incorporated in 1962, Patel Integrated Logistics Ltd. is a pioneer in multimodal logistics solutions in India. PATEL is a trusted name in the world of logistics. The company is a leading IATA-approved cargo agency offering transportation of high-density cargo by air and surface within India. It covers all airports across the country and offers specialized services in both domestic and international logistics.
In its annual results, total gross income from operations increased by 6.7 per cent to Rs 342.37 crore, net sales increased by 4.4 per cent to Rs 290.55 crore, profit before tax increased by 22 per cent to Rs 5.68 crore and net profit increased by 13.1 per cent to Rs 5.54 crore in FY24 compared to FY23.
The company has a market cap of Rs 168 crore. The promoters of the company sold 2,75,039 shares and decreased their stake to 36.42 per cent in June 2024 compared to 36.85 per cent in March 2024. The stock is up by 99.1 per cent from its 52-week low of Rs 13.10 per share. Investors should keep an eye on this logistics stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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