Small-cap stock below ₹10: Circuit to circuit stock hits upper circuit on fifth straight session

Small-cap stock below ₹10: Shares of GG Engineering Ltd are one of the circuit-to-circuit stocks of the Indian stock market. This is one of the Indian penny stocks below ₹5 as well. The small-cap stock has been in a bull trend for the last five straight sessions. The circuit-to-circuit stock has been touching a 5 per cent upper circuit for the last five straight sessions, logging over a 20 per cent rise in this time.

The small-cap penny stock has been hitting the upper circuit since 18th January 2024. After touching the 5 per cent upper circuit on 18th January, it went on to touch the upper circuit on the following 19th, 20th, 22nd, and 23rd January. GG Engineering opened upside and touched a 5 per cent upper circuit within a few minutes of the opening bell.

The small-cap stock is one of the multibagger penny stocks that the Indian stock market has delivered in the last six months. In the last six months, this circuit-to-circuit stock has risen to the tune of 115 per cent.

GG Engineering news

In one of its latest exchange filings, GG Engineering Ltd informed Indian stock market bourses about the allotment of equity shares on conversion of 13.50 crore warrants into 13.50 crore equity shares at an issue price of ₹1.32 per share.

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The penny stock below ₹5 informed Indian bourses about the decision saying, “We wish to inform you that the Board of Directors of the Company in their meeting held today i.e. Monday, January 22, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 13,50,00,000 warrants into 13,50,00,000 equity shares at an issue price of Rs. 1.32/- each (including a premium of Rs. 0.32/- each), to “NonPromoters/Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs. 13,36,50,000/- (Rupees Thirteen Crores and Thirty-Six Lakhs Fifty Thousand only) at the rate of Rs. 0.99 (Rupees Ninety Paise only) per warrant (being 75% of the issue price per warrant) from the allottees under the exercise of their rights of conversion into equity shares by the provisions of SEBI (ICDR) Regulations, 2018.”

"Under member's approval, these warrants were issued, in terms of SEBI (ICDR) Regulations, 2018 to “Promoters and Promoter Group” and Non-Promoters/Public Category, on preferential basis, at an Issue Price of Rs. 1.32/- per warrant on payment of Rs. 0.33 (Thirty-three Paisa) per warrant, being 25% of the Issue Price, entitling the holders of the warrants to get their warrants converted into an equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 0.99/- within 18 months from the date of warrant allotment," the small-cap stock said adding, "Consequent to today's conversation of warrants/allotment of Equity Shares, the issued and paidup capital of the Company stands increased to ₹116,94,98,800/-consisting of 116,94,98,800 equity shares of Re. 1/- each."

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