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Board of this multibagger stock approves rights issue: Details here

The industrial sector is the focus of Sparc Electrex Ltd, a small-cap company with a market valuation of 19.31 Cr. The company manufactures and trades a wide range of metal products, garden tools, cordless tools, and electric power tools. The firm provides a huge selection of power tools and accessories, including Drills, Impact Drills, Angle Grinders, Cutters, and others. Shareholders need to be informed that the rights issue has been approved by the company’s board of directors.

The company has said in a regulatory filing that “The Board reconsidered and approved the proposal for issuance of equity shares of face value of Rs.10.00/- (Indian Rupees Ten Only) for an amount not exceeding Rs.30,00,00,000/- (Indian Rupees Thirty Crore Only) through a Rights Issue, to the eligible equity shareholders of the Company as on Record date (to be notified subsequently), in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, along with relevant circulars issued by the Securities and Exchange Board of India, Companies Act, 2013 (hereinafter referred to as ‘Rights Issue’).”

On Friday, Sparc Electrex Ltd. shares closed at Rs. 41.30 a piece, up 1.10% from the previous close of Rs. 40.85. From 5.66 on November 13th, 2009, to the present market price, the stock price has soared dramatically, logging a multibagger return and an all-time high of 421.46% during the last 13 years. The stock price has risen significantly in the last five years, rising from Rs. 5.99 on October 18, 2017, to the current market price, representing a multibagger return of 589.48% and an approximate CAGR of 52.32%.

The stock price climbed from 10.87 on September 27, 2021, to the current market price in the past year, representing a multibagger return of 279.94% and an approximate CAGR of 310.00%. The stock price has gone up from 11.41 on January 3rd to the current market price on a year-to-date basis, representing a multibagger return of 261.96%. The stock generated a multibagger return of 228.56% during the previous six months, but it has dropped 5.17% over the last month. The stock had touched a 52-week-high of 47.55 on (18/08/2022) and a 52-week-low of 10.87 on (27/09/2021), indicating that at the current market price the stock is trading 13.14% below the high and 279.94% above the low. For the quarter ended June 2022, the company recorded a promoter shareholding of 27.12%, DIIs holding of 0.83% and public shareholding of 72.06%.

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