Multibagger IT Stock in Green as Company Raises Funds Through Its Wholly-Owned Subsidiary, 63SATS Cybertech Limited (63SATS)
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 313.90 per share and a whopping 1,000 per cent in 5 years.
On Wednesday, shares of 63 Moons Technologies Ltd gained 3.4 per cent to Rs 669 per share from its previous closing of Rs 647.20 per share. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 313.90 per share.
63 Moons Technologies Limited has announced that its wholly-owned subsidiary, 63SATS Cybertech Limited (63SATS), has successfully raised Rs 10.62 crore through a private placement. This involved the allotment of 10.62 crore equity shares, each with a face value of Re 1, issued at par. As a direct consequence of this allotment, 63SATS will no longer be considered a subsidiary of 63 Moons Technologies Limited.
Despite the change in its subsidiary status, 63 Moons Technologies Limited will retain management control over 63SATS, as stipulated in the Articles of Association. Furthermore, 63 Moons currently holds 6,000 Partly-Paid Zero Coupon Unsecured Optionally Fully Convertible Debentures (ZOFCDs) in 63SATS, with a face value of Rs 1,00,000 each, totalling Rs 60 crores. Upon the full payment and subsequent conversion of these ZOFCDs into equity shares, 63 Moons Technologies Limited is expected to hold 60 crore equity shares in 63SATS, each with a face value of Re 1.
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About the Company
63 Moons Technologies Limited develops trading technologies. The company offers a trading platform for multi-asset classes such as equity, commodity, and equity and forex-based derivatives. 63 Moons Technologies provides warehousing and collateral management services worldwide.
The company has a market cap of over Rs 3,000 crore and has delivered good profit growth of 52.4 per cent CAGR over the last 5 years. The company's promoters own 45.63 per cent of the shares while FIIs own 1.41 per cent as of March 2025. The public owns the remaining 52.96 per cent of the shares. Additionally, the stock is trading at 0.90 times its book value.
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 313.90 per share and a whopping 1,000 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.