BackMutibagger stock rallies 2400% in 3 years, Board approves 1:3 bonus shares
Having a market valuation of ₹143.49 Cr, Sarthak Industries Ltd. is a small-cap firm.
PremiumHaving a market valuation of ₹143.49 Cr, Sarthak Industries Ltd. is a small-cap firm. At its facilities in the Industrial Area of Pithampur, District of Dhar (M.P.), the company manufactures LPG cylinders and supplies to oil companies like Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corporation Ltd. and other private entities. Currently, the company has a manufacturing capacity of 7 lacs cylinders per annum. The company has declared bonus shares in 1:3 ratio.
The company has said in a stock exchange filing that “In compliance with Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory modification(s), amendment(s) and re-enactment(s) thereof), this is to inform you that the Board of Directors of the Company at their meeting held today i.e. Monday, November 14, 2022, has, inter alia, considered, approved and recommended the Bonus Issue of Equity Shares in the proportion of 1 (One) new Equity Share of Rs. 10/- each for every 3 (three) existing fully paid-up Equity Share of Rs. 10/- each held by the shareholders of the Company as on the record date, subject to the approval of shareholders of the Company at the General Meeting and other applicable statutory and regulatory approvals; as may be required. The record date for reckoning eligible shareholders entitled to receive bonus shares will be communicated separately."
Bonus shares will be issued out of the Securities Premium Account of the company as of 30.09.2022 and the total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately) is 23,22,950 equity shares of Re 10/- each amounting Rs. 2,32,29,500/-. The pre-bonus paid-up share capital is Rs. 6,96,88,500/-divided into 69,68,850 equity shares of Rs. 10/- each and the post-bonus paid-up share capital will be Rs. 9,29,18,000/-divided into 92,91,800/-equity shares of Rs.10/- each. The bonus shares are expected to be credited/dispatched to the eligible shareholders within two months of the date of Board approval, or on or before 13.01.2023, according to the company.
The shares of Sarthak Industries Ltd closed today at ₹205.90 apiece, up by 4.17% from the previous close of ₹197.65. In trade today the stock recorded a total volume of 23,394 shares compared to the 20-Day average volume of 9,885 shares. The stock price climbed from ₹5.95 on March 1, 2018, to the current market price during the past five years, resulting in a multibagger return of 3,362.18%. The stock price grew from ₹7.94 on December 23, 2019, to the current market price during the past three years, resulting in a multibagger return of 2,494.46%. In the last 1 year, the stock has gained 94.34% and on a YTD basis, the stock has rallied 89.51% so far in 2022. For the quarter ended September or Q2FY23, the company recorded a promoter stake of 36.27% and a public stake of 63.73%.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
