Multibagger penny stock fixes record date for rights issue: Details inside

G G Engineering Ltd. is an industrial-focused small-cap company with a market worth of Rs. 27.63 crore. The company conducts manufacturing tasks including punching, forming, shearing, bending, fabrication, welding, powder coating, and assembling, among others. Industrial diesel generator sets are among the many products that G G Engineering Limited manufactures. Additionally, the company offers marine engines, industrial engines for use in a variety of applications, and spare parts for the domestic and international diesel genset markets.

The company has said today in a regulatory filing that “This is further to our intimation on the outcome of the meeting of the Board of Directors of the Company dated April 27, 2022 and Postal Ballot result declared on May 29, 2022 where the issue of equity shares of the Company was approved by way of a rights issue of less than Rs. 50 Crores (Rupees Fifty Crores) in single trench, in accordance with the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws. Pursuant to the above, we wish to give Intimation of Record Date as per Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) for the purpose of determining the shareholders entitled for Rights Issue.” The company has fixed August 10, 2022, as the record date for the purpose of the rights issue.

The stock closed today at ₹2.68 apiece, up by 4.69% from the previous close. The stock price has gone up from ₹1.22 on August 4, 2017 to the current price level during the past five years, representing a multibagger return of 119.67 per cent. The stock has dropped 76.76 per cent in the previous year, and on a year-to-date basis, it has dropped 57.05 per cent so far in 2022. The stock has fallen 54.11 per cent over the past six months but has risen 12.13 per cent over the past month. At the current market price of ₹2.68 per share, the stock is trading, higher than 5 days, 10 days, 20 days, 50 days EMA and lower than 100 days and 200 days Exponential Moving Average (EMA).