BackMultibagger SME IPO sets record date for 1:10 stock split and 11:4 bonus shares
The industrial sector is the focus of Rhetan Tmt Ltd, an S&P BSE SME IPO with a market size of ₹939.25 Cr.
PremiumThe industrial sector is the focus of Rhetan Tmt Ltd, an S&P BSE SME IPO with a market size of ₹939.25 Cr. A company situated in Ahmedabad, Gujarat named Rhetan Rolling Mills Private Limited was established on January 26, 1984, and it is currently involved in producing top-quality TMT bars that adhere to ISI Standards. On 05-09-2022, Rhetan Tmt was listed on the BSE. The initial public offering (IPO) of Rhetan TMT Limited had a fixed issue price of ₹70 per share and a maximum issue size of ₹56 Cr. The stock has risen to ₹442.00 as of today's closing price, representing an all-time gain of 564.66% from its IPO price.
The Board of Directors said today in a stock exchange filing that “Pursuant to Regulation 42 of the SEBI (listing Obligations and Disclosure Requirements}, Regulations, 2015, we would like to inform you that the Company has fixed Tuesday, 31st January, 2023 as the Record Date, for the purpose of ascertaining the eligibility of the shareholders entitled for the following matters, in accordance with the approval of shareholders obtained on Friday, 13th January, 2023: 1. Sub-division of 1 (one) Equity share of face value of Rs. 10/- each fully paid-up to 10 (ten) Equity shares of face value of Rs. 1/- each fully paid-up. 2. Issue of 11 (Eleven) Bonus Shares for every 4 (four) Equity Shares held by the Equity Shareholders of the Company."
The shares of Rhetan TMT Ltd closed today on the BSE at ₹442.00 apiece level, down by 0.67% from the previous close of ₹445.00. The stock recorded a total volume of 8000 shares. On a YTD basis, the scrip has fallen 2.21% so far. For the quarter ended September or Q2FY23, the company reported a promoter shareholding of 62.12% and a public stake of 37.88%. At today's closing price the stock was seen trading above its 5 days and 50 days moving average but lower than the 10 days and 20 days Simple Moving Average (SMA).
Ravi Singhal, CEO, GCL said “Rhetan TMT has witnessed a surge in prices on account of lower levels buying after trading undervalued for quite some time. The stock is having strong support near 400 levels and 380 levels on a daily basis and resistance around 480 and 550 levels. All technical parameters in Rhetan are supporting the upward move and the stock may continue the momentum to touch the level of 550 in coming trading sessions."
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