Multibagger stock Rushil Decor shares rise over 6% on fundraising announcement
The company has informed bourses through a filing that its net sales in the September quarter of the current financial year stood at Rs 204.61 crore and the quarterly net profit came in at Rs 10.55 crore.
Rushil Decor, a leading laminate and MDF panel boards player, shares are in focus during Wednesday's trade on the back of a fundraising plan through a rights issue.
The stocks of wood products company opened higher at Rs 342 and touched an intraday high of Rs 364.05 (6.48 per cent). It traded at Rs 354 when this report was filed around 11 AM. Rushil Decor shares have gained today after three days of consecutive fall.
The company has informed bourses through a filing that its net sales in the September quarter of the current financial year stood at Rs 204.61 crore and the quarterly net profit came in at Rs 10.55 crore. As per the filing, the earnings per share (EPS) in the quarter decreased to Rs 3.88 from Rs 13.40 in September 2022.
Last month, the board approved a fundraising programme to the tune of Rs 125 crore via a rights issue.
"The Board of Directors considered and approved the proposal for raising of funds through the issue of convertible warrants on a preferential basis," it said in a statement.
The company will issue up to 42100,000 warrants that will be convertible into equity shares of face value of Rs 10 to certain non-promoter and promoter group shareholders, on a-preferential basis in accordance with Chapter V of SEBI. The issue price has been set at Rs 297.
The company looks to raise Rs 124.7 crore through the issue, it said, adding that each warrant will be convertible into equity shares and the conversion can be exercised at any time within a period of 18 months from the date of allotment.
Ahmedabad-based Rushil Decor is a small-cap stock with a market cap of around Rs 928 crore. The company's shares are available for trade on both NSE and BSE. Its shares have delivered multibagger returns to the shareholders, zooming more than 300 per cent in three years.
The company was incorporated in 1993 and it has a global footprint in more than 50 countries. It is the flagship company of the Rushil Group.
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