Stock below Rs 10: Don't miss action in this stock that has announced rights issue!

The stock gave 87.89 per cent returns in just 1 month whereas BSE Sensex was down by 3.39 per cent.

Today, Visagar Financial Services Ltd shares were locked in 5 per cent upper circuit to Rs 2.46 per share. Recently, the company announced a right issue for the shareholders in the ratio of 51:10. The price for the right issue is Rs 1 per share. 

The record date was confirmed by the company to be December 30, 2022. The rights issue will go on sale starting on January 12, 2023 and will end on February 02, 2023 with an issue size of 49,73,87,700, fully paid-up equity shares at a price of 1 rupee each for a total of Rs 49,73,87,700. 

Visagar Financial Services Ltd has a market cap of Rs 24 crore. It is a non-banking financial company that has been serving clients in investment and financial activities since 1994. Today, the shares of the company saw a spurt in volume by more than 2.92 times on BSE. 

Talking about the financials, the corporation reported positive results in the annual financial statement. In FY21, the company reported a net loss of Rs 0.35 crore, it skyrocketed to a net profit of Rs 0.24 crore, up 168.58 per cent. The stock gave 87.89 per cent returns in just 1 month whereas BSE Sensex was down by 3.39 per cent. Investors should keep an eye on this penny stock.