Don’t miss action in this multibagger micro-cap stock that has announced buyback of shares!
The stock gave multibagger returns of 900 per cent in just 2 years whereas BSE Sensex Index is up by 22.51 per cent.
Axita Cotton Ltd, a leading manufacturer of cotton, inform you that the Company's Board of Directors, in their meeting on May 23, 2023, has approved a buyback plan. The buyback entails repurchasing up to 900,000 fully paid-up equity shares, having a face value of Rs 1 per share. This represents 0.46 per cent of the total equity shares in the company's paid-up capital. Each share will be bought back at a price of Rs 56 in cash, with a maximum aggregate amount of Rs 5.04 crore.
The buyback will be conducted through the tender offer route, complying with relevant laws and regulations, including the Companies Act, 2013, and the Buyback Regulations. the buyback size represents 9.63 per cent of the company's total paid-up equity share capital and free reserves, as per the latest audited financial statements on March 31, 2023.
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On Friday, shares of Axita Cotton Ltd plunged 3.42 per cent to Rs 25.99 per share with an intraday high of Rs 27.65 per share and an intraday low of Rs 25.70. The stock has a 52-week high of Rs 83 and a 52-week low of Rs 15.87.
Axita Cotton Limited is engaged in the business of manufacturing, processing and finishing cotton bales and cotton seeds.
According to the financial, the company reported positive numbers in its Quarterly Results and annual results. The stock has a ROE of 39 per cent and a ROCE of 49 per cent. The promoter’s holding is 70 per cent and the rest is owned by FIIs and the public as of March 2023.
The stock gave multibagger returns of 900 per cent in just 2 years whereas BSE Sensex Index is up by 22.51 per cent. Investors should keep an eye on this micro-cap stock.