This CDGS stock is 24% away from 52-week-high, Board recommends rights issue
- Small-cap company Shree Ajit Pulp And Paper Ltd operates in the consumer discretionary goods & services (CDGS) industry and has a market valuation of ₹166.59 Cr.
Small-cap company Shree Ajit Pulp And Paper Ltd operates in the consumer discretionary goods & services (CDGS) industry and has a market valuation of ₹166.59 Cr. One of India's top producers of multi-layer kraft paper is Shree Ajit. Testliner (single wire) and Multilayer Testliner (triple wire) with GSM ranges of 80-300 and BF ranges of 20-35 are produced by the firm. The firm can produce up to 1,08,000 tonnes annually.
The Board of Directors of the Company on 28th October, 2022 has considered and approved “Raising of funds through issuance and allotment of equity shares having face value of Rs. 10.00/- (Rupees Ten Only) (‘Equity Shares’) for an aggregate amount of up to Rs. 20,00,00,000/- (Rupees Twenty Crores Only) on right issue basis, on such terms and conditions as may be decided by the Board of Directors of our Company to the eligible equity shareholders of the Company, as on the record date (to be notified subsequently) subject to the receipt of applicable regulatory, statutory approvals, in accordance with the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, and the Companies Act, 2013 and the rules made thereunder, as amended from time to time, (‘Rights Issue’). Constitution of "Right Issue Committee" to decide on the detailed terms and conditions of the Issue, the appointment of various intermediaries including but not limited to deciding the payment modalities/schedule thereof, record date, timings, other terms and conditions, and all other related matters, etc.”
On the BSE, the shares of Shree Ajit Pulp and Paper Ltd closed on Friday at ₹311.00 apiece, up by 0.44% from the previous close of ₹309.65. In its last trading session, the stock recorded a total volume of 1,681 shares compared to the 20-Day average volume of 1,292 shares. In the last 1 year, the stock has fallen 4.44% and on a YTD basis, the stock has fallen 5.17% so far in 2022. The stock had touched a 52-week-high of ₹414.00 on (18/01/2022) and a 52-week-low of ₹253.05 on (21/06/2022), indicating that at the current market price the stock is trading 24.87% below the high and 22.90% above the low. For the quarter that ended September or Q2FY23, the company reported a promoter shareholding of 55.60% and a public stake of 44.41%.
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