Multibagger penny stock below Rs 30 hit upper circuit: Board announces rights issue; stock trades at high ROE & ROCE!

The stock is up by 75 per cent from its 52-week low of Rs 16.51 per share and multibagger returns of 170 per cent in 3 years.

Today, shares of Adroit Infotech Limited hit 5 per cent upper circuit to Rs 28.87 per share from its previous closing of Rs 27.50. The stock’s 52-week high is Rs 33.46 per share and its 52-week low of Rs 16.51. The shares of the company have an ROE of 28.2 per cent and an ROCE of 23.2 per cent.  

To bolster its financial muscle, Adroit Infotech Limited's board of directors set in motion a rights issue, offering partly paid-up equity shares to existing shareholders. This strategic move aims to raise up to Rs. 49 crores, providing current investors with the preferential opportunity to purchase new shares at a potentially discounted price. By infusing fresh capital, Adroit Infotech seeks to strengthen its financial position, potentially paving the way for future growth and exciting opportunities

The record date for the rights issue is Friday, January 19, 2024, with the issue opening date of February 07, 2024 and the issue closing date of February 16, 2024. The company fixed the rights issue at Rs 15 per right issue of share in the ratio of 3(three) rights equity shares for every 2 (two) fully paid-up equity shares held on the record date.

In the year 2023, Adroit Infotech's subsidiary Verso Altima signed two key agreements: one with a leading US charging solution provider for global SAP-BRIM integration, leveraging Verso's expertise; and another with IT giant Fujitsu for exclusive global SAP-BRIM implementations, expanding Verso's reach and capitalizing on Fujitsu's brand and network. Both deals target existing customers, positioning Verso for significant growth in the SAP-BRIM market.

The stock is up by 75 per cent from its 52-week low of Rs 16.51 per share and multibagger returns of 170 per cent in 3 years. Investors should keep an eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.