Multibagger penny stock fixes record date for 5:9 rights issue
Premium- With a market valuation of ₹59.86 crore, Suditi Industries Ltd. is a small-cap company that operates in the consumer discretionary industry.
With a market valuation of ₹59.86 crore, Suditi Industries Ltd. is a small-cap company that operates in the consumer discretionary industry. The company is a fully integrated apparel manufacturer with a portfolio that includes retail, distribution, fabric manufacturing, and garment manufacturing. The company's business chain includes knitting, dyeing, printing, finishing, and garments. The company owns a number of brands, including YouWeCan, Nush, IndianInk, as well as authorized sports brands NBA, FC Barcelona, and Manchester City F.C. Existing shareholders and potential investors should be informed of the record date for the 5:9 rights issuance that the company's board of directors has declared.
Recently, the company has said in a regulatory filing that “With reference to our letter dated August 25, 2022, the Board of Directors in their meeting held today (i.e., Tuesday, August 30, 2022) have considered and taken the following decisions in connection to the Issue thereof: a) Rights Issue Price: Rs. 30 per Equity Share, b) Rights entitlement ratio: 5 equity shares for every 9 equity shares held by eligible equity shareholders of the Company as on the record date, c) Number of Rights Equity Shares to be issued: Up to 97,52,290 Rights Equity Shares, for an amount aggregating up to Rs. 29,25,68,700 (assuming full subscription and payment), d) Issue period: Issue Opening Date: Thursday, September 15, 2022; and Issue Closing Date: Wednesday, September 21, 2022."
The Board of Directors of the company further added that “The record date for the purpose of determining the equity shareholders who are entitled to receive the Rights Entitlement in the aforesaid Issue is Tuesday, September 6, 2022. The Company has made necessary arrangements with NSDL and CDSL for the credits of the Rights Entitlement in dematerialized form in the demat account of the eligible equity shareholders as on the Record date. The ISIN of such Rights Entitlement is INE691D20012. The Rights Entitlement of the eligible equity shareholders as on Record date, shall be credited prior to the Issue Opening date, in the respective demat account of the eligible equity shareholders under the abovementioned ISIN."
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On Friday, the shares of Suditi Industries Ltd closed at ₹34.10 apiece, down by 2.57% from the previous close of ₹35. In the last 1 year, this penny stock has delivered a multibagger return of 109.85% and on a YTD basis, the stock has gained 45.42% so far in 2022. On the BSE, the stock had touched a 52-week-high of ₹54.95 on (28/02/2022) and a 52-week-low of ₹13.90 on (29/10/2021) indicating that at the current market price the stock is trading 37.94% below the high and 145.32% above the low.
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