Anand Rathi Buys Stake In Small Cap Cables Stock, Shares Zoom 629% In 2-Yrs

Small cap company operating in Cables-Electricals industry, Paramount Communications Ltd shares today declined 3.80%. Last trading price of Paramount Communications shares on BSE is Rs 110.25 apiece after the stock hit lower circuit. Paramount Communications shares jumped 690% in last 2-years.

According to an update available on BSE, 15 lakh shares of Paramount Communications have been allotted to Anand Rathi.

As per the BSE filing dated Jan 29, "Pursuant to the approval of the Board of Directors at its meeting held on 18th December 2023 and approval of the members of the Company at their Extra-Ordinary General Meeting held on 11th January 2024 and pursuant to In-principle approvals granted by BSE Limited and National Stock Exchange of India Limited vide their respective letters dated 23" January 2024 and upon receipt of an amount aggregating to Rs. 1,35,49.36,170 (Rupees One Hundred and Thirty-Five Crore Forty-Nine Lakh Thirty-Six Thousand One hundred and seventy only) at the rate of Rs. 66.50/- per equity share as equity share subscription price, the Share Allotment Committee of the Board of Directors of the Company. has considered and approved the Allotment of 2.,03,74.980 (Two Crore Three Lakh Seventy-Four Thousand Nine Hundred and Eighty) Equity Shares on preferential basis to non-promoter persons/ entities ('Allottees') (as per the list enclosed marked as Annexure 1)."

Paramount Communications Gives Nod To Conversion of Warrants: As per the BSE filing of the company dated January 29, 2024, "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 January 25, 2024, has allotted 17,00,000 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 Rs. 21.57/- per warrant."
The above Warrant holders have exercised the right to convert the warrants into an equivalent number of equity shares of the Company of the face value Rs.2/- each, added the BSE filing.

Paramount Communications To Consider, Approve Financial Results On Feb 3, 2024: As per the BSE filing of the company dated Jan 29, "In compliance of Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the meeting of Board of Directors of the Company is scheduled to be held on Saturday, 3" day of February 2024, to consider and approve, inter alia, the Un-Audited Standalone and Consolidated Financial Results for the quarter ended on 31st December 2023."

Paramount Communications Stock Performance & Return: The 52-week high price of Paramount Communications shares on BSE Rs 116.70 apiece and 52-week low price is Rs 28.00 apiece, respectively. Its market capitalisation is Rs 3100.59 crore. Paramount Communications shares soared 196% in last 1-year, gained 690% in last 2-years, and offered rally of 1181% in last 3-years. In last 5-years, the scrip jumped 786%.

Paramount Communications About: Paramount Communications Ltd, part of the Paramount Cables Group, is one of India's leading wire & cable manufacturing company. With over six decades of operations, the group has built up a portfolio spanning a comprehensive range including HV & LV Power Cables, Optical Fiber Cables & other Telecom Cables, Railway Cables, Specialised Cables, Instrumentation & Data Cables, Fire Survival Cables etc. Paramount Cables has a prestigious clientele that includes government, institutional and major private sector organizations, both national and international, in the Power, Telecom, Railways, I.T. and Communication, Construction, Defence and Space Research sectors amongst others, according to its official website.

Disclaimer: The stock highlights the rally in shares on fundraise plan 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.