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Business News/ Markets / Stock Markets/  This multibagger stock to trade ex-right next week: Check key takeaways
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This multibagger stock to trade ex-right next week: Check key takeaways

A small-cap company with a market valuation of ₹2,840.20 crore that operates in the mining and metals industries is Sandur Manganese & Iron Ores Ltd.

On the NSE, Sandur Manganese & Iron Ores Ltd. shares ended on Friday at a price of ₹3,155.10.Premium
On the NSE, Sandur Manganese & Iron Ores Ltd. shares ended on Friday at a price of 3,155.10.

A small-cap company with a market valuation of 2,840.20 crore that operates in the mining and metals industries is Sandur Manganese & Iron Ores Ltd. One of India's leading, versatile, and integrated commodities producers is the company. The business of the corporation has been expanded to include mining, downstream ferro alloy & power plants, solar power, and hospitality. As part of the authorized rights issue, the firm issued up to 1,80,03,882 equity shares with a face value of 10 each. As a result, the company fixed the record date as July 27, 2022, and the stock would trade ex-right on July 26, 2022.

The company has said in a regulatory filing that “In furtherance to our letter dated 10 April 2022 wherein the Board of Directors of the Company had considered and approved the issue of 1,80,03,882 fully paid-up equity shares of face value of 10 /- each on Rights Basis at a price of 10/- per rights equity share aggregating tot 18,00,38,820/- (Indian Rupees Eighteen Crore Thirty- Eight Thousand Eight Hundred and Twenty only) in the ratio of 2 Rights Equity Shares for every 1 Equity Share held as on Record Date, also in furtherance to our intimation dated 10 May 2022, 6 July 2022, 18 July 2022 to the Stock Exchange in this regard and pursuant to Regulations 30 and 42 of the SEBI (LODR) Regulations, 2015 as amended from time to time we would like to inform that the Right Issue Committee and Board of Directors at its meeting held today i.e. Thursday, 21 July 2022, have fixed the Record date i.e. Wednesday, 27 July 2022 for the purpose of determining names of shareholders of the Company eligible to apply for the Rights Equity Shares in the Rights Issue of the Company."

The schedule for rights issue states that the issue will begin on Monday, August 8, 2022, close on Monday, August 29, 2022, and allow on-market renunciation of rights entitlement until Tuesday, 23 August 2022. On the NSE, Sandur Manganese & Iron Ores Ltd. shares ended on Friday at a price of 3,155.10. The stock has climbed from 796.75 on July 24, 2017, to the current market price during the past five years, representing a multibagger return of 279.22 per cent. Similarly, the stock has risen from 691.70 as of July 24, 2019, to the current market price during the past three years, delivering a multibagger return of 333.54 per cent. The stock has gained by 58.51 per cent over the last year, and on a YTD basis, it has climbed by 26.28 per cent so far in 2022. Following the rights issue, the company's outstanding equity shares will rise from 90,01,941 to 2,70,05,823. The promoter stake in the firm is presently 73.23 per cent. 

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ABOUT THE AUTHOR
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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Published: 24 Jul 2022, 04:49 PM IST
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