Multibagger small-cap stock to raise ₹50 crore fund via rights issue. Share hits upper circuit
- Multibagger stock today opened upside and went on to hit 5% upper circuit by noon
Affordable Robotic rights issue: The board of directors of the Affordable Robotic & Automation Ltd has approved fund raise through rights issue. The company board fave its approval in its board meeting today.
After this stock market newsbreak, Affordable Robotic shares witnessed sharp upside movement and went on to hit 5 per cent upper circuit by Friday noon. The small-cap stock is currently locked in with upper circuit and quoting ₹684.45 apiece on BSE.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
Affordable Robotic rights issue details
Informing Indian stock market exchange about the rights issue approval, the BSE listed stock said, “With reference to the captioned matter and in compliance with the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, the board of directors of the Company at their meeting held today, i.e., on October 06, 2023, have, inter alia, proposed fund raising by way of an issuance of equity shares of face value of ₹10/- each of the Company to its eligible equity shareholders on a rights basis (“Rights issue”) for a value not exceeding ₹50 crores, subject to receipt of necessary approvals from regulatory authorities, as applicable and in accordance with applicable provisions of the Companies Act, 2013, as amended, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and other applicable laws.”
The multibagger stock also approved constitution of a Special Committee of Board of Directors, in the name and style of ‘Rights Issue Committee’ to decide on the matters relating to right issue which includes, inter-alia to approval of the draft letter of offer, letter of offer along with any amendments, supplements, notices or corrigenda thereto, approval of pricing and terms of the equity shares, right entitlement ratio, date of on-market renunciation, the bid-issue opening and closing date, discount (if any) and all other related matters, including the determination of the minimum subscription for the issue, appointment of lead managers, Registrar and share transfer agents, legal counsel, advisors and other intermediaries in accordance with applicable laws.
This multibagger small-cap stock is available for trade on BSE only and current trade volume of this BSE listed stock is 20,800. So, this small-cap stock is a low float stock suitable for high risk investors only. Its market cap is 696 crore. Its 52-week high is ₹864 per share and its 52-week low is ₹135.30 apiece.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High