Multibagger small-cap stock below ₹100 close to record high after this ‘acquisition’ update

livemint.com:

Small-cap stock below ₹100: Paramount Communications shares are one of the multibagger stocks that Indian stock market has produced in last one year. In fact, this small-cap stock below ₹100 has delivered whopping return to its positional investors in post-Covid rally.

So, this small-cap stock has remained a money making stock for Dalal Street investors in post-Covid rally. However, it seems that there is still much steam left in this multibagger stock.

Paramount Communications share price today opened with an upside gap at ₹55.90 apiece levels and went on to hit an intraday high of ₹56.60 per shares, which is just 2.35 per cent away from its life-time high of ₹57.97 per equity share. The board of directors of the small-cap company has approved acquisition of 1,93,996 equity shares from existing shareholders of Valens Technologies Private Limited.

The small-cap company informed Indian exchanges about the development citing, "Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of the Company at their meeting held on Wednesday, the 23" Day of August, 2023, has approved the Acquisition of 1,93,996 equity shares of Valens Technologies Private Limited from its existing shareholders." So, company board has approved acquisition of 100% equity of the company mentioned above. In an exchange communication last week, the multibagger stock had informed BSE that the meeting of the Board of Directors of the Company is scheduled on 23/08/2023, inter alia, to consider and approve To consider the proposal for acquisition of 100 per cent equity shares of Valens Technologies Private Limited from its existing shareholders.