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Business News/ Markets / Stock Markets/  Multibagger stock: BCL Industries shares jump after allotment of preferential issues
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Multibagger stock: BCL Industries shares jump after allotment of preferential issues

Multibagger stock has delivered 105% return to its posotional shareholders in YTD time

Preferential share allottees will get 10 shares of the company against one allotted shares w.r.t. 1:10 stock split effective from 27thj October 2023.Premium
Preferential share allottees will get 10 shares of the company against one allotted shares w.r.t. 1:10 stock split effective from 27thj October 2023.

Multibagger stock: BCL Industries shares are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, BCL Industries share price has risen from around 32.40 to 66.90 apiece levels, logging around 105 per cent rise in YTD time. BCL Industries informed Indian stock market bourses on Wednesday about allocation of preferential shares. After the outbreak of this news, BCL Industries shares witnessed buying interest during morning deals as the decision would lead to fund raise for the company.

BCL Industries preferential share allotment

Informing Indian exchanges about preferential share allotment, BCL Industries said, "This is in furtherance to the intimation given by the Company on 04th March,2023 w.r.t. allotment of 54,66,334 (Fifty-Four Lakhs Sixty-Six Thousand Three Hundred Thirty-Four) warrants, each convertible into equity shares of face value of Rs. 10/- each, (“Warrants") at an issue price (“Warrant Issue Price") of Rs. 360.00 each, after receipt of subscription amount being 25% of the issue price from the allottees on preferential basis and subsequent to stock split w.e.f 27/10/2023 all warrant allottees are eligible to get 10 shares allotted against conversion of each warrant they have subscribed."

Also Read: Indian stock market: How big is the Covid risk for equities? Experts answer

"We wish to inform you that the Board of Directors of the Company through resolution by circulation on 19th December, 2023 have considered and approved the allotment of 5,00,000 Equity shares of the face value of Rs.1/-each as fully paid-up shares at a price of Rs. 36/- per equity share (including premium of Rs. 35/share), consequent upon the conversion of 50,000 Warrants issued earlier for Rs. 360/-, after adjusting the number of shares, paid-up capital per share and premium per share post sub-division of nominal value of the Equity Share of the Company from 1 Equity Share of Rs. 10/- each to 10 Equity Shares of Re. 1/- each out of the balance 28,31,334 (Twenty-Eight Lacs Thirty-One Thousand Three Hundred Thirty-Four) warrants on preferential basis, upon receipt of an amount aggregating to Rs. 1,35,00,000/- (Rupees One Crore Thirty-Five Lacs only) at the rate of Rs. 270 (Rupees Two Hundred Seventy Only) per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018," BCL Industries added.

Pursuant to present conversion, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stands increased to Rs. 26,83,50,000/- consisting of 26,83,50,000 fully paid-up Equity Shares of Rs. 1/-each.

The multibagger stock recently retraced from its life-time high of 79 apiece levels after the media reports of government banning ethanol making from sugarcane. However, the stock is recovering fast after the central government revised its order and allowed ethanol making from sugarcane.

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 decision.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 21 Dec 2023, 02:19 PM IST
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