Penny stock under ₹10 to be in focus on Monday; here's why

Penny stock under ₹10: Golden Legand Leasing and Finance share price will remain in focus on Monday, after the company said that the board has considered and approved allotment of convertible warrants.

On Friday, the penny stock closed 7.60% higher at ₹8.78 per share, despite the Indian stock market closing in the red.

Warrant allotment details

In an exchange filing dated March 27, the company said it has approved the allotment of 6,63,51,000 convertible warrants to persons belonging to the non-promoter category.

The allotment of warrants came in after the company received ₹21,49,77,240 as 25% upfront payment from all allottees.

“We wish to inform you that the meeting of the Board of Directors of the Company, at its meeting held today, i.e., Friday, March 27, 2026 has pursuant to the receipt of Rs. 21,49,77,240/- (Rupees Twenty-One Crore FortyNine Lakhs Seventy-Seven Thousand and Two Hundred and Forty only) being 25% of the aggregate consideration payable towards subscription of the warrants by all allottees, considered and approved the allotment of 6,63,51,000 (Six Crore Sixty-Three Lakhs and FiftyOne Thousand) convertible warrants to persons belonging to the Non-Promoter (Public) Category,” the company said.

The convertible warrants provide the right to subscribe to equity shares on a 1:1 basis, with each warrant convertible into one equity share of face value ₹10. The warrants were issued at ₹12.96 apiece, including a premium of ₹2.96 per warrant.

The preferential allotment was made to 23 non-promoter investors, with Spunwell Technology Private Limited receiving the largest share of 1,06,50,000 warrants worth ₹3,45,06,000.

Among corporate participants, Mariango Trading Private Limited (35,00,000 warrants), Sandarv Trading Private Limited (40,00,000 warrants), and Ultimate Annex Trading Private Limited (30,70,000 warrants) were notable recipients.

These warrants can be converted into fully paid-up equity shares at any time within 18 months from the allotment date of March 27, 2026. Holders may exercise the conversion option in one or multiple tranches during this period. Any warrants that remain unconverted after 18 months will lapse, and the amounts paid by the holders will be forfeited.

Golden Legand Leasing and Finance share price trend

The NBFC stock has largely remained under pressure in the near term. The stock has shed 12.20% in the past five sessions and 21% in a month.

Furthermore, Golden Legand share price declined 34.77% in six months and 23.12% in terms of year-to-date (YTD). However, the NBFC stock has delivered 16% returns in the last one year.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.