Home PENNY STOCK Penny stock rises 1,184% in three years, and the board announces a...

Penny stock rises 1,184% in three years, and the board announces a 49 crore rights issuance

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Penny stock rises 1,184% in three years, and the board announces a 49 crore rights issuance.

Visagar Financial Services Ltd. is a small-cap company that operates in the financial services sector with a market worth of 19.12 Cr. Founded on March 1st, 1994, the business is an NBFC (Non-Banking Financial Company) that does financial and investing activities.

In a stock exchange filing today, the company stated: “This is further to our intimation on the outcome of the Board of Directors meeting of the Company ( “Equity shares of the company with a face value of Rs. 1 each (referred to as “Equity Shares”) were authorised through a rights issue on April 16, 2022, for a price that did not exceed Rs. 49.90 crores. (Rupees 49 Crore and 90 Lacs) (“Rights Issue”), in accordance with the Securities and Exchange Board of India (Issuance of Capital and Disclosure Requirements) Regulations, 2018, as amended, and other relevant laws. To that end, we hereby give notice that, in accordance with Regulation 29(1)(d) of the Securities and Exchange Board of India Regulations, (Listing Obligations and Disclosure Requirements) 2015, a meeting of the Company’s Board of Directors is planned for Monday, December 19, 2022. This meeting will be used to discuss a variety of rights issue-related issues, including terms and conditions like the determination of the rights issue price and related payment mechanisms.”

The closing price of Visagar Financial Services’ shares was $1.96 per share today, down 5.77 percent from the previous close of $2.08. Compared to the 20-Day average volume of 583,439 shares, the stock had a total volume of 743,544 shares. Over the last five years, the stock has generated a multibagger return of 509.28%, and over the last three years, it has generated a multibagger return of 1,184.78%. Although the stock has increased by 37.76% over the previous year, it has down by 32.76% YTD in 2022. The stock had a 52-week high of $6.97 on January 28, 2022, and a 52-week low of $1.22 on November 23, 2022. The corporation reported a promoter shareholding of 5.34% for the quarter that ended in September 2022, or Q2FY23, and a public stake of 94.66%.

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