Penny stock hits upper circuit after company sets record date for rights issue

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Penny stock hits upper circuit after company sets record date for rights issue
Credit: © Reuters.

Penny stock engaged in the business of trading life essentials like food, clothing, infrastructure, energy, and many more hit a 2 percent upper circuit upon announcing the Rights Issue of Equity shares of the company and fixing the record date.

With a market capitalization of Rs. 356 Crores, the shares of Integra Essentia Limited were trading at Rs. 3.89 per equity share, up 0.78 percent from its previous day’s close price of Rs. 3.86.

The Board of Directors of Integra Essentia Limited has considered and approved the issue of equity shares with a face value of Rs. 1 each of the Company by way of a rights issue to the eligible shareholders of the Company for an amount not exceeding Rs. 50 Crores.

As per the terms, it is going to issue 15,36,24,538 Equity Shares of face value of Re. 1 each for an amount aggregating up to Rs. 4992.80 Lakhs, the Rights Entitlement Eatio is set at 20:119, 20 Equity Share for every 119 Fully Paid Equity Shares held by the Existing Shareholders on the Record Date.

The Rights issue price is Rs. 3.25 per Rights Equity Share and it has fixed Saturday, June 1, 2024, as the Record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the Rights Issue.

In addition, Integra Essentia Limited recently received its first-ever work order from the prestigious ITC group’s Agri Division for supplying 500 MT of Rice for a consideration of Rs. 1.42 Crores.

Integra Essentia Limited is engaged in the business of life essentials like food, clothing, infrastructure, energy, and many more products and services that are required to sustain modern life.

Integra Essentia Limited is committing significant investments in Food Essentials and remains focused on establishing itself as the leading player in the food industry. Besides food essentials and other businesses, it is presently emphasizing supplying bulk and specialty materials and services for the Infrastructure needs of the nation.

Integra Essentia Limited has recently acquired the CHATEAU INDAGE Winery, as a part of its long-term business growth strategy and to strengthen its presence in the entire supply chain spectrum of consumable goods.

Its revenue from operations grew by 38.71 percent from Rs. 67.27 Crores in Q4FY23 to Rs. 93.31 Crores in Q4FY24, accompanied by profits of Rs. 1.86 Crores to Rs. 5.92 Crores.

Written by: Bharath K.S

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