penny stock Shrestha Finvest It hit headlines in trade on Friday, October 15, as it rose nearly 4 per cent to Rs 0.82 after the company announced an extraordinary general meeting (EGM) to seek shareholders’ approval to raise funds along with other proposals. But reached.
penny stockPriced below Rs 1, it opened at Rs 0.80, while its previous close was Rs 0.79. At 1.20 pm, the stock was at its day’s high of Rs 0.82, up 3.80%.
The company seeks shareholder approval on the board’s decision to raise capital through qualified institutional placement to eligible investors by issuing equity shares.
The company’s board had last week on October 9 approved raising funds by issuing equity shares of face value Rs 1 each, which would be the total amount. 100 crores. The proceeds from the QIP will be used for pre-payment and/or repayment of loans, working capital requirements, general corporate purposes and any other purposes permitted under applicable laws.
Additionally, the company also seeks shareholders’ approval to issue fully convertible equity warrants on a preferential basis. The board of directors had on October 09, 2024, approved the proposal to raise funds by issuing and allotting convertible equity warrants of up to Rs 93 crore of the company. 1.05 per equity warrant on preferential basis to investors. The Company aims to raise these funds to meet the working capital requirements, further strengthen the capital base of the Company and general corporate objectives.
The company intends to expand Rs 97.65 crore through such securities.
Apart from this, the third item on the agenda is to seek approval to increase the borrowing limit of the company 500 crores.
stock price trends
Shares of Shrestha Finvest have risen 30 per cent in the last one year and 27 per cent on a year-to-date basis. Currently the stock is 36 percent below its 52-week high 1.28 but up 67 per cent from its 52-week low of Rs 0.49.
