Multibagger penny stock below Rs 2 surges as Board announces rights issue worth Rs 47,00,00,000
The stock is up by 44 per cent from its 52-week low of Re 0.73 per share and has given multibagger returns of over 500 per cent in 5 years.
On Tuesday, shares of Indian Infotech & Software Limited surged 4 per cent to Rs 1.05 per share from its previous closing of Rs 1.01 per share. The stock’s 52-week high is Rs 1.78 per share and its 52-week low is Rs 0.73 per share.
Indian Infotech and Software Ltd. has announced a proposed Rights Issue to offer and issue fully paid-up equity shares of the Company. This issue aims to raise an amount not exceeding Rs 47,00,00,000 (Rupees Forty Seven Crores Only) and will be made to the eligible equity shareholders as of a yet-to-be-determined Record Date. The Rights Issue will be conducted in strict accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and is subject to all necessary approvals. A Draft Letter of Offer for this Proposed Rights Issue has been prepared by the Company.
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Indian Infotech and Software Ltd (IISL), established in 1982, is an Indian Non-Banking Financial Company (NBFC) that provides business loans and trades shares. While registered with the RBI, IISL has faced scrutiny for non-compliance with various regulations. The Securities and Exchange Board of India (SEBI) has previously penalised IISL and its management for misrepresenting financial details and for failing to cooperate with forensic audits.
The promoters of the company hold 3.20 per cent stake and the remaining 96.20 per cent stake is owned by the public shareholders. The company has a market cap of over Rs 130 crore. The stock is up by 44 per cent from its 52-week low of Re 0.73 per share and has given multibagger returns of over 500 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.