Micro-cap penny stock hits upper circuit on investment buzz from UK-based wealth management firm
Small-cap stock below ₹5: Visagar Financial Services shares have been hitting upper circuit for the last two trade session. The micro-cap penny stock has informed India stock market exchanges that UK-based wealth management firm Alliance Global Blanco Limited is in talks with the micro-cap company to acquire stake in the company.
The company further informed that the UK-based AMC (asset management company) is interested in buying stake to the tune of 24 per cent in this penny stock, which is currently priced at ₹1.13 apiece on BSE. Informing Indian bourses about the stake sale talks with the UK-based wealth management company, Visagar Financial Services Ltd said, "This is to inform that the Company has received an expression of interest from Alliance Global Blanco Ltd, a wealth and asset management company from UK, expressing their intent in acquiring a stake of up to 24% in the Company." The small-cap stock below ₹5 went on to add that the e expression of interest is subject to further consideration and approval by the Board of Directors, Shareholders, and the Stock Exchange.
Additionally, the proposed acquisition will be in compliance with all applicable regulatory guidelines. "Please note that this announcement is strictly factual and non-speculative, and it does not imply any confirmation or agreement regarding the proposed acquisition at this stage.
Further discussions and due diligence will be conducted before any decision is made," the small-cap stock priced around Re 1 added. Asked about the financials of the company, the small-cap company replied, "Visagar Financial Services witnessed an astounding 230 per cent surge in net revenue from the year 2022 to 2023, with revenue reaching approximately ₹16.82 crores in
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