10:1 Stock Split Announced: Multibagger Jewellery Stock Surges Over 6 Per Cent Today; Check Split Record Date Inside
The stock gave multibagger returns of 267.33 per cent from its 52-week low of Rs 87.10 per share.
Today, the shares of Motisons Jewellers Ltd surged over 6 per cent to an intraday high of Rs 319.95 per share from its previous closing of Rs 301.35 per share. The stock’s 52-week high is Rs 323.20 and its 52-week low is Rs 87.10.
Motisons Jewellers Limited announced plans to subdivide its equity shares from a face value of Rs 10 to Re 1 each. This move, subject to shareholder approval, aims to increase liquidity and accessibility of the company's shares. The record date for determining eligibility for the split has been set for November 9, 2024. Following the split, the total number of equity shares will increase tenfold, while the number of preference shares will remain unchanged.
Motisons Jewellers Ltd has recently secured a substantial investment of up to Rs 170 crore. This funding was obtained through the issuance of fully convertible warrants to non-promoter investors. The company plans to utilize these funds to accelerate its growth initiatives. The warrants, with a maturity of 18 months, can be converted into equity shares at a premium to the floor price determined by SEBI. Three investors have participated in the warrant issuance: North Star Opportunities Fund, Eminence Global Fund, and Nexpact Limited.
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About the Company
Motisons Jewellers Ltd, established in 1997, is a prominent Indian jeweller offering an extensive collection of gold, diamond, kundan, pearl, silver and platinum jewellery, boasting over 300,000 designs spanning traditional, modern, and fusion styles. The company also arranges virtual appointments to assist its customers. Products offered through online marketplaces are diverse and not available in the showrooms
The company has a market cap of over Rs 3,000 crore and has delivered good profit growth of 56.2 per cent CAGR over the last 5 years. The stock gave multibagger returns of 267.33 per cent from its 52-week low of Rs 87.10 per share. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.