Multibagger stock hits upper circuit after allotment of preferential issue. Details here
Multibagger stock: Shares of GI Engineering Solutions Ltd are one of the multibagger small-cap stocks that Indian stock market has produced in recent years. However, it seems that there is still more steam left in this multibagger penny stock.
The small-cap company has declared issuance of five crore warrants on preferential basis at ₹15 per share. This means, the company has declared fund raise to the tune of ₹75 crore ( ₹15 x 5,00,00,000).
GI Engineering Solutions share price today opened upside and went on to hit intraday high of ₹11 apiece, hitting 5% upper circuit within few minutes of stock market's opening bell today. After closing at ₹9.05 apiece levels on 4th August 2023, this is for the tenth straight session, when this multibagger stock has touched 5 per cent upper circuit.
Announcing about the warrants on preferential basis, the multibagger small-cap stock said, “In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its duly convened meeting held today i.e. Saturday 19, 2023 at the registered office of the Company, inter-alia considered and approved to augment the long-term financial resources of the Company through raising of funds by way of creating, issuing and allotting up to 5,00,00,000 (Five Crores only) fully Convertible Warrants ('Warrants'), carrying a right exercisable by the Warrant holder to subscribe to one Equity Share having face value of Rs.
10/- per Warrant, to persons belonging to ‘Non-Promoter, Public Category’ on preferential basis at an issue price of Rs. 15/- (Rupees Fifteen Only) per Warrant, subject to shareholders' approval and other statutory approvals, in
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