6900% rally in 10 months! Multibagger penny stock board to consider ₹300 crore fundraise; details here
Elitecon International, in an exchange filing, said that a board meeting is scheduled to take place on Wednesday, July 9. As per the details of the filing, the company's board will consider the acquisition of an overseas business entity.
Additionally, the penny stock's board will also take up the matter of fundraising of ₹ 300 crore via qualified institutional placement (QIP).
"...Raising of funds by issue of Equity Shares through Qualified Institutions Placement ('QIP') for an aggregate amount up to Rs.300,00,00,000/- (Rupees Three Hundred Crores Only) or an equivalent amount thereof (inclusive of such premium or discount as may be fixed on such Equity Shares) subject to the receipt of approval of the Members of the Company and such other approval(s)/ permission(s)/ consent(s)/ sanction(s) of any government/ regulatory/ statutory authorities, as may be required," the company's filing with the stock exchanges stated.
The third item on the agenda pertains to the issue of equity shares on a preferential basis.
"Issue of Equity Shares on Preferential basis in accordance with provisions of Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable rules, regulations and guidelines of SEBI and applicable provisions of Companies Act, 2013," Elitecon said.
Ahead of the announcement, shares of Elitecon International ended at their 52-week high of ₹ 76.80 apiece on the BSE, which was also its upper price band of 5%.
The multibagger penny stock had opened the day at this level and was stuck in it throughout the trading day. The company with a market cap of over ₹ 12,275 crore has seen its shares skyrocket from ₹ 1.10 (also its 52-week low) towards the end of August 2024 to its current level, offering a return of 6,882% to its investors.
In the last month alone, Elitecon International share price is up 25% while it has added 66% to its value in six months.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
16 minutes ago
- New Indian Express
Arts, science grads in Tamil Nadu buck trend, hit pay dirt
CHENNAI: Students pursuing science and arts courses in colleges in Tamil Nadu seem to have bucked the global trend of a lacklustre job market with record placements and impressive pay packages this year. The gambit to invite companies from across sectors for the placement sessions without relying solely on software firms has paid rich dividends to colleges as the average pay package offered doubled in most colleges and more than 90% of students got placed. Loyola College, one of Tamil Nadu's premier arts colleges, has managed to place 945 of 1,048 students who had opted for campus placements this year. Two MSc (chemistry) students from the college have bagged job offers from a pharmaceutical company, ACG World, for its Croatia location with a package of Rs 15 lakh per annum, while an MSc (zoology) student has received Rs 12 lakh per annum offer from an educational organisation based in the UAE. Similarly, some BSc and MSc (physics) students have been absorbed by the space startup, Angikul Cosmos, while IT companies have hired maths graduates and postgraduates. 'This trend should be an eye-opener for students and parents who are unable to think beyond computer science and AI-related courses. For any research work, there is a need for manpower with strong knowledge in core subjects like maths, physics, and chemistry,' said S Princely Samuel, director, placement cell, Loyola College.
Hans India
an hour ago
- Hans India
Concern over too much money in too few hands
Ranchi: Union minister Nitin Gadkari on Saturday expressed concern over the "rising" number of poor, and said wealth was getting concentrated in the hands of some affluent people. There is a need for decentralisation of wealth, Gadkari said during an event in Nagpur, where he touched upon a range of issues, including agriculture, manufacturing, taxation and public-private partnerships in infrastructure development. "Slowly the number of poor people is increasing and wealth is getting centralised in the hands of some wealthy people. It should not happen," the road transport and highways minister said. The economy must grow in a manner that creates jobs and uplifts rural areas, he said. "We are looking at an economic option that will create jobs and (give a boost to the) growth of the economy. There is a need for decentralisation of wealth, and many changes have happened in that direction," he said. The senior BJP leader also credited former prime ministers P V Narasimha Rao and Manmohan Singh for adopting liberal economic policies but cautioned against unchecked centralisation. "We have to be worried about it," he added. Referring to India's economic structure, he pointed out the imbalance in sectoral contributions to GDP. "Manufacturing contributes 22-24 percent, services 52-54 percent, while agriculture, despite engaging 65-70 percent of the rural population, contributes only around 12 percent," he said. Invoking Swami Vivekananda, Gadkari said, "Philosophy cannot be taught to someone whose stomach is empty." He highlighted the evolving role of chartered accountants, Gadkari said, "CAs can be the growth engines of the economy. Our economy is changing rapidly. It is not only about filing income tax returns and GST submissions." Talking about the infrastructure development, Gadkari highlighted his own initiatives in the transport sector. "I was the one who started the Build-Operate-Transfer system for road construction," he claimed. There is no shortage of funds for road development, he added. Sometimes I say I do not have a fund crunch but I have a shortage of work," Gadkari said. "Now, we earn nearly Rs 55,000 crore through toll booths and in the next two years, our income will go up to Rs 1.40 lakh crore. If we monetise it for the next 15 years, we will have Rs 12 lakh crore. New toll will add more money to our coffers," he said. The minister also spoke about projects aimed at enhancing regional connectivity and investment. "We are constructing a rope of Rs 5,000 crore in Kedarnath. The contractor is ready to spend the amount and give Rs 800 crore royalty to the Union government. When the Uttarakhand government asked us to share the royalty, I asked whether they would also share the loss-making units," he said. On domestic investments, Gadkari said he has raised funds through Infrastructure Investment Trust (InvIT) bonds without foreign assistance. "I am not accepting money from foreign countries like Canada or the US. I will build roads from the money raised from the poor people of the country," he said, adding that the share which was at Rs 100 has now jumped to Rs 160 and people will get nearly 18 to 20 percent returns.
Hans India
2 hours ago
- Hans India
Interest-free loans for SHGs in TG from July 12
Hyderabad: In keeping with its avowed quest to ring in economic empowerment of women, the State government will distribute interest-free loans to women Self Help Groups (SHGs) in all Assembly constituencies from July 12 to 18. It proposes to distribute Rs 20,000 crore interest-free loans to the identified women groups this year. As a further facilitation, the government will provide bank linkage, loan and accident insurance to SHGs. Deputy Chief Minister Mallu Bhatti Vikramarka pointed out on Saturday that the government was already supporting women groups economically by commissioning them works like running canteens, repair works in schools and orders for stitching school uniforms. To ensure that the economic gains reach SHGs, the government intends to purchase the products made by them. This translates to a guaranteed market for their investments. The minister was speaking at the 'Indira Mahila Shakti' celebrations, where he also distributed RTC rental cheques to women groups. Urging them to make full use of the encouragement and women-friendly facilities provided by the government and bolster Brand Telangana, Bhatti took potshots at the BRS regime for neglecting interest-free loans and incentives to SHGs in its 10 years in office. The deputy Chief minister said that in a welcome contrast, the Congress government has revived interest-free loans and is encouraging women groups to be engaged in special businesses. Cheques for interest-free loans have been distributed to women groups twice earlier in Hyderabad, he said. He expressed happiness that the government had enabled women groups to purchase buses and lease them to TGSRTC. In the first phase, ₹one crore was handed over to them as rent payments. In the coming days, larger earnings from RTC would be shared with those groups, he added. In line with this goal to turn one crore women into millionaires in the first year itself, interest-free loans worth ₹21,000 crore were disbursed to women's groups. Not less than ₹20,000 crore will be extended as interest-free loans to women groups every year, he averred.
