Multibagger stock hits upper circuit after allotment of fresh issues after allotment of fresh issues worth ₹9.76 crore
Small-cap stock below ₹100: Shares of Paramount Communications Ltd are one of those stocks that has delivered whopping return to its shareholders in post-Covid rally. In last three years, this small-cap stock has turned a multibagger delivering over 700 per cent return to its shareholders. This stock is once again in focus as the small-cap company has allotted fresh issues worth ₹9.76 crore.
After allotment of fresh issues, the small-cap multibagger stock witnessed fresh buying since early morning deals and hit 5 per cent upper circuit during Monday deals. Paramount Communications share price today opened upside and went on to hit upper circuit at ₹56.17 on BSE, which is just 3.20 per cent away from its life-time peak of ₹67.97 per share.
The multibagger penny stock informed Indian bourses about the allotment of fresh issues citing, “Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we wish to inform that the Share Allotment Committee of the Board of Directors of the Company, in its meeting held on August 14, 2023, has allotted 45,25,000 equity shares of face value Rs. 2/- each to the warrant holders belonging to Non-Promoters on exercise of warrants which was issued to them at the price of ₹21.57 per warrant.”
The small-cap company has further informed Indian bourses that its board of directors are so going to consider and approve acquisition of 100 per cent stake in Valens Technologies Private Limited.
The company informed about the acquisition citing, “This is to inform you that the meeting of Board of Directors of the company is scheduled to be held on Wednesday, 23rd August, 2023, to consider the proposal for acquisition of 100% equity shares of Valens Technologies Private Limited from its existing shareholders.”
Multibagger stock
As mentioned above, Paramount Communications shares are one of the multibagger stocks in post-Covid rebound. In last one month, this small-cap stock has risen over 30 per cent whereas in last six months, it has delivered 55 per cent return to its positional shareholders. In last one year, it has risen over 250 per cent.
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Updated: 21 Aug 2023, 03:02 PM IST
