Multibagger stock Sheetal Diamonds declares preferential shares after 1250% rally in YTD
Sheetal Diamonds preferential issue 2023: Shares of Sheetal Diamonds Ltd are one of the multibagger stocks that Indian stock market has delivered in 2023. The micro-cap stock has risen from around ₹4.61 to ₹61.66 apiece levels in YTd time, delivering around 1,250 per cent return to its shareholders in 2023. However, it seems that the multibagger stock still has some steam left in it.
During Thursday dealings, Sheetal Diamonds share price touched new life-time higih of ₹61.66 apiece levels on NSE, locking-in 5 per cent upper circuit. Stock market investors had gone highly bullish on the microcap multibagger stock after announcement of fund raise via issuance of preferential issues. The small-cap company had informed Indian stock market bourses about the move during Thursday deals.
It also informed that the move aims to raise 49.95 crore fund, which will be used for setting up retail stores across India. The multibagger stock informed Indian exchanges in its exchange filing, "In terms of Regulation 30 read with Schedule III of the SEBI Listing Regulations, we hereby inform you that at the meeting of the Board of Directors (“Board") of Sheetal Diamonds Ltd (“Company") held today, i.e., Wednesday, December 27, 2023, the Board, in consultation with the Preferential Issue Committee formed for this purpose, has approved a Preferential Issue of 83,25,000 Equity Shares of ₹5 each at an Issue Price of Rs. 60 including premium of ₹55 per share aggregating to ₹49.95 Crore (Rupees Forty-Nine Crore Fifty Lakhs) subject to approval of Shareholders." The company board also decided to change its name to Rajnish Retail Limited.
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