On Thursday this small-cap stock gains more than 5% after the company announced the issuance of 341 Cr worth of convertible warrants by way of preferential allotment. The company shares currently trading 3.6% away from the 52-week high. This stock has delivered 30% returns in six months and 25% returns in one year.
Bhagiradha Chemical & Industries Limited
The company has a market capitalisation of Rs. 1,736 Cr, making it a small-cap company. On Thursday the stock gains more than 5%, at 14:00 p.m., shares were trading 2.4% up at Rs. 1,672.20 on NSE.
According to the NSE filing, the board of Bhagiradha Chemical & Infrastructure Ltd approved to issue and allot up to 25,61,425 convertible warrants each convertible into or exchangeable for, 1 fully paid-up equity share of the company, having a face value of Rs. 10/- within the period of 18 months in accordance with applicable laws.
At a price (including the warrant subscription price and the warrant exercise price) of Rs. 1,332 each, aggregating up to Rs. 341,18,18,100 to the Promoters / Promoters Group of the company and certain identified non-promoters persons/entities by the way of the preferential issue.
The company’s total revenue declined by 17.69% from Rs. 121.89 Cr in Q1 FY23 to Rs. 100.32 Cr in Q1 FY24 and for the same period, net profit declined by 83.5% from Rs. 11.90 Cr to Rs. 1.96 Cr.
As per the latest shareholding data, Promoters hold 23.52%, FIIs hold 0.12% and the public hold a 76.36% stake in the company.
Bhagiradha Chemicals & Industries Limited is an agrochemicals manufacturer. The company’s product range includes 15 different insecticides, herbicides, fungicides, and other intermediates. The company also provides contract manufacturing services.
Written by Sheshadri N
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