Multibagger stock approves conversion of warrants worth ₹12.36 crore into equity after 1:10 stock split
Multibagger stock: After declaring stock split in 1:10 ratio in the beginning of August 2023, Sarveshwar Foods Ltd board has considered and approved conversion of 20,30,000 warrants into 20,30,000 equity shares of face value of Rs. 10/- each to the “promoter and non-promoter, public category", on preferential basis.
After the outbreak of this stock market news, the multibagger stock witnessed huge buying interest since morning despite weak stock market sentiments on Wednesday. Sarveshwar Foods share price today opened higher and went on to hit intraday high of ₹121.20 on NSE, logging near 5 per cent intraday rise against the close price of ₹115.60 apiece on Monday.
The small-cap stock is one of the multibagger stocks that Indian stock market has produced in last one year as the stock has risen to the tune of 115 per cent in this time. The small-cap company informed Indian bourses about the conversion of warrants into equity citing, "In furtherance to our communique dated May 30, 2023, w.r.t.
to allotment of equity shares, considered and approved the further conversion of 20,30,000 warrants into 20,30,000 equity shares of face value of Rs. 10/- each to the “promoter and non-promoter, public category", on preferential basis, upon receipt of balance amount aggregating to Rs.
12,36,27,000/- (Rupees Twelve Crore Thirty Six Lakhs Twenty-Seven Thousands only), at the rate of Rs. 60.90 (Rupees Sixty and Ninety Paisa Only) per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018." In the beginning of August 2023, the multibagger small-cap stock informed Indian bourses about
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