Textile Penny Stock Under Rs 2 Surges 4.22 Per Cent on May 15 on Major Updates; Details Inside
The stock is up over 40 per cent from its 52-week low of Rs 1.05 per share.
On Thursday, shares of Garment Mantra Lifestyle Ltd gained 4.22 per cent to an intraday high of Rs 1.48 per share from its previous closing of Rs 1.42 per share. The company has a market cap of Rs 87 crore. The stock is up over 40 per cent from its 52-week low of Rs 1.05 per share.
Garment Mantra is a company focused on fulfilling the fashion and lifestyle aspirations of the mass Indian population. The promoters of the company have extensive experience in the textile industry for over 3 decades. Garment Mantra has 3 business divisions. Firstly, Garment Mantra is engaged in the business of garment manufacturing and selling both knitted fabrics as well as knitted garments.
Garment Mantra Lifestyle Ltd successfully concluded its rights issue, which ran from April 30, 2025, to May 14, 2025. The issue, based on an ex-trade ratio of 39:20 (with an ex-date of April 17, 2025), saw an overwhelming response, with 47,34,45,003 equity shares subscribed against an issue size of 39,14,97,795 equity shares. This strong oversubscription reflects significant investor confidence and support in the company's vision and future growth.
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On this occasion, Mr. Prem Aggarwal, Managing Director of Garment Mantra Lifestyle Limited, stated: "We are deeply grateful to our investors for their exceptional response to the Rights Issue. This support not only validates our past performance but also empowers us to pursue the next phase of our growth. Garment Mantra Lifestyle Limited will continue its focus on its core garment and textile business, while actively expanding into the newly entered uniform and corporate supply segment and re-emphasising our re-commerce vertical. These initiatives are aligned with our long-term strategy to diversify and strengthen our market presence. Since the beginning of the current financial year, we have already exported garments and textiles worth approximately %5 crore, and we are seeing encouraging momentum in our overseas business pipeline. The proceeds from this issue will significantly bolster our working capital and enable us to execute our expansion strategies efficiently. Once again, | thank all our investors for their unwavering trust and assure them that we remain committed to delivering sustainable value.”
Before the rights issue, the shares of the company had ex-traded bonus shares in a 1:1 ratio (Ex-date was September 03, 2024). Earlier, the company has also received a Letter of Intent (LOI) from a reputed university based in Kota, Rajasthan, for the supply of 6,00,000 (Six lakh) T-shirts, Track Pants and Hoodies under the Company's newly started uniform sector. The approximate value of the LOI is Rs 12 crore, marking a significant order and a strong step forward in the company’s efforts to expand its footprint in the institutional and uniform apparel segment.
Disclaimer: The article is for informational purposes only and not investment advice.