Bonus Share, Rights Issue On Feb 20: Small Cap Stock Gains 94% In 2-Weeks, Hits 5th Upper Circuit

Board of Directors of small cap company operating in civil construction industry, Promax Power Ltd will hold meeting on February 20, 2024 to consider bonus shares, fund raising via rights issue, and increase in the authorised share capital. Last trading price of Promax Power shares on BSE is Rs 125.81 apiece with intraday gain of 5.00%.

Promax Power shares have been hitting back-to-back upper circuits and 52-week high for the last 5 days. The scrip delivered 94% return in last 2-weeks and jumped 116% in last 1-year. Check details below:

Promax Power To Consider Bonus Share On Feb 20: The company via its BSE filing dated February 9, 2024 stated, "a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, February 20, 2024, inter alia, to consider and evaluate the following business:
1. Increase in Authorised Share Capital of the company.
2. Exploring various options for fund raising like Right Issue, Preferential Allotment and various Convertible instruments etc.
3. Migration to Main board on BSE and NSE both
4. to Consider Bonus issue
5. to Convene Extra Ordinary General Meeting of the company."

Promax Power Shares Performance & Return: The 52-week high price of Promax Power shares on BSE is Rs 125.81 apiece and 52-week low price is Rs 31.75 apiece, respectively. The company has a market capitalisation of Rs 157.26 crore. Promax Power shares offered return of 34% in last 1-week, gained 132% year-to-date, and offered gain of 357% in last 2-years.

Promax Power Acquires 24% Stake In Promax Carbontier Pvt Ltd: The company informed in its February 5, 2024 regulatory filing that it acquired 24% stake in Promax Carbontier Pvt Ltd. According to the BSE filing, "Promax Carbontier's focus on climate change and carbon credit project development aligns seamlessly with our long-term vision. We anticipate that this collaboration will diversify our business portfolio, mitigate risk, and contribute positively to our financial performance. As we embark on this journey, we are confident that it will result in increased shareholder value and further position of Promax Power Limited as a leader in sustainable business practices."

About Promax Carbontier Private Limited: Established in 1989, Promax Carbontier assists businesses and individuals in offsetting their carbon footprints by providing strategic carbon management solutions.

About: It was established in 2004. It is engaged in executing turnkey Power, substation, transmission line, Hydro, distribution, electrification, Civil construction, Pre-engineered Building, High Rise Building, Sewerage and Water treatment projects. It offers professional solutions, design and engineering services to its customers.

Disclaimer: The stock highlights the bonus share, rights issue and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.