Home / Markets / Stock Markets /  Multibagger stock declares 40.77 Cr rights issue, scrip ended on a green note

With a market worth of Rs. 581.88 Cr., Nitta Gelatin India Ltd. is a small-cap business that operates in the chemical industry. The firm offers a wide variety of products, including Ossein and Chitosan for agricultural and industrial applications, Di-Calcium Phosphate as a component in poultry feed, and Gelatin for pharmaceutical and food applications. More than 35 countries, including Japan, USA, Canada, and the countries of the European Union, are the consumers of more than 60% of Nitta Gelatin India's exports.

The company has said today in a stock exchange filing that “Further to our intimation dated 27th December 2022 and pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby intimate that the Board of Directors of Nitta Gelatin India Limited (‘the Company’) at its meeting held today, i.e., 2nd January, 2023, inter alia, has approved the issuance of equity shares of the Company having face value of Rs. 10/- each, on a Rights basis to eligible equity shareholders of the Company as on the Record Date (to be determined and notified later) for an amount of upto Rs. 40.77 Crores (the “Rights Issue"), in accordance with the relevant SEBI Regulations, the Companies Act, 2013 and other applicable subject laws/regulations and to such regulatory and statutory approvals, as may be required as part financing of our expansion project."

As per the Board of Directors of Nitta Gelatin India, the total number of securities proposed to be issued or the total amount for which the securities will be issued is based on the issuance of equity shares having face value of Rs. 10/- each, on a rights basis to eligible equity shareholders of the company as on the Record Date, aggregating up to Rs. 40.77 Crores.

The shares of Nitta Gelatin India closed today on the BSE at 640.90 apiece level, up by 3.94% from the previous close of 616.60. The stock recorded a total volume of 14,378 shares compared to the 20-Day average volume of 14,225 shares. The stock has produced a multibagger return of 395.29% over the past three years and a multibagger return of 133.48% over the past five years. The stock has seen a multibagger return of 154.43% over the past year, and a surge of 86.58% during the past six months. The stock touched a 52-week-high of 785.00 on (21/12/2022) and a 52-week-low of 230.05 on (03/01/2022).

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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