Penny stock under Rs 10 hit lower circuit; Board announces rights issue not exceeding Rs 45,00,00,000

The stock is up by 12 per cent from its 52-week low of Rs 8.66 per share.

Heads Up Ventures Limited has received approval to raise up to Rs 45,00,00,000 through a Rights Issue of equity shares, each with a face value of Rs 10. This fundraising initiative will allow the company to offer new shares to its existing eligible equity shareholders on a rights basis, with the specific terms, including issue price and entitlement ratio, to be determined by the Board of Directors or a specially constituted Rights Issue Committee. The Record Date for eligible shareholders will be announced later. This Rights Issue will adhere to all applicable regulatory and statutory approvals, in compliance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013.

Heads Up Ventures Ltd., incorporated in 2011, specialises in the retailing of apparel and accessories, with integrated operations encompassing designing, development, production, marketing, and distribution. Formerly an official licensee manufacturer for Being Human Clothing, the company acquired and registered its brands, HUP and Device of Turtle, to develop new product lines. Their product profile includes a variety of clothing items such as shirts, T-shirts, jackets, hoodies, and sweatshirts, as well as accessories like caps, belts, bags, and flip-flops.

On Friday, shares of Heads Up Ventures Ltd plunged 5 per cent to Rs 9.69 per share from its previous closing of Rs 10.20 per share. The company has a market cap of Rs 21.40 crore. The stock is up by 12 per cent from its 52-week low of Rs 8.66 per share.

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