Jewellery Penny Stock Under Rs 2; Board Announces 1:1 Rights Issue
The stock is down by 58 per cent from its 52-week high while up by 21 per cent from its 52-week low.
Veerkrupa Jewellers Ltd. is preparing a Draft Letter of Offer for a Rights Issue, which will be filed with BSE Limited to seek prior approval for the listing of the Rights Equity Shares. This offering involves Fully Paid-up Equity Shares with a face value of Re 1 each. The company proposes to issue approximately 13,10,52,533 Rights Equity Shares, aiming to raise up to Rs 1310.52 Lakh. The Issue Price is set at Re 1 per Rights Equity Share, payable in full upon application. The Record Date for determining eligible shareholders and the ISIN for the Rights Entitlement will be announced separately.
The Rights Entitlement Ratio is fixed at 1 (One) Rights Equity Share for every 1 (One) existing Equity Share held by eligible shareholders as of the record date, with the option for renunciation. Prior to this Rights Issue, Veerkrupa Jewellers Ltd had 13,10,52,533 outstanding Equity Shares of Re 1 each. Assuming full subscription, the total outstanding Equity Shares post the Rights Issue will be 26,21,05,066 with a face value of Re 1 each.
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Veerkrupa Jewellers Ltd, established in 2019, operates as a jewellery trading company, focusing on the distribution of gold and silver products. The company sources readymade jewellery, including chains, mangalsutras, bars, necklaces, bangles, rings, earrings, and other items incorporating diamonds, platinum, and precious stones, from manufacturers and wholesalers in Ahmedabad. These products are then sold exclusively within Gujarat through a B2B marketing strategy and direct sales, catering to other jewellery stores.
On Wednesday, shares of Veerkrupa Jewellers Ltd gained 0.99 per cent to Rs 1.04 per share from its previous closing of Rs 1.03 per share. The 52-week high of the stock is Rs 2.49 per share and the 52-week low is Rs 0.86 per share. Talking about finances, this SME stock has a market cap of 14. crore. The stock is down by 58 per cent from its 52-week high while up by 21 per cent from its 52-week low.
Disclaimer: The article is for informational purposes only and not investment advice.