Multibagger stock surges 201% in 5 years, Board approves rights issue

The company has said in a stock exchange filing that “In furtherance to our intimation dated 06th October, 2022 and pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”) this is to inform you that the Board of Directors (“Board”) of Shraddha Prime Projects Limited (“Company”), in its meeting today, viz. Tuesday, 11th October, 2022 considered and approved the following: – 1. Fund raising of an amount not exceeding Rs. 49,90,00,000/- (Rupees Forty Nine Crore and Ninety Lacs 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, SEBI Listing Regulations, along with relevant circulars issued by the Securities and Exchange Board of India, Companies Act, 2013. (“Rights Issue”). 2. Constitution of the Rights issue Committee to proceed with the Rights issue and, inter-alia, decide the other terms and conditions of the Rights Issue, including deciding on the record date, determining the rights issue price, rights entitlement ratio, appointment of intermediaries and other related matters.”

The last traded price of Shraddha Prime Projects Limited was ₹17.40 recorded on 10th October 2022. In its last trading session, the stock recorded a total volume of 400 shares compared to the 20-Day average volume of 456 shares. In the last 5 years, the stock has generated a multibagger return of 201.56% and in the last 1 year, the stock has gained 53.98%. On a YTD basis, the stock has surged 33.13% so far in 2022. For the quarter that ended June 2022, the company recorded a promoter shareholding of 75.44% and a public stake of 24.56%.