Small-cap multibagger stock: Shares of Elitecon International will be in focus on Monday, July 21, as the company in its filing said that board of directors is set to convene to discuss and approve the raising of capital by issuing equity shares via a Qualified Institutions Placement (QIP) valued at ₹300 crores on Friday, July 25.
“Raising of funds by issue of equity shares through QIP for an aggregate amount up to ₹300,00,00,000 subject to the receipt of approval of the members of the company and such other approval(s)/ permission(s)/ consent(s)/ sanction(s) of any government/regulatory/ statutory authorities, as may be required,” said the firm.
Over the last month, Elitecon International has demonstrated exceptional performance, registering an impressive rise of 128.44%, greatly surpassing the Sensex, which has only increased by 0.38% during this time. Year-to-date, the stock has skyrocketed by an incredible 1105.40%, while the Sensex has only seen a rise of 4.14%.
On Friday, July 18, Elitecon International share price closed 4.95% higher at ₹125 apiece on the BSE.
Recently, the company announced that the board reviewed the current status of the proposed acquisition of 100% equity shares of Prime Place Spices Trading LLC from its sole shareholder, Mr. Santosh Sharma, as previously authorized.
Based on insights from the ongoing legal and financial due diligence conducted by both internal and external teams, the Board has pinpointed several significant gaps and outstanding issues that substantially affect the transaction’s viability.
The board has set a deadline of August 16, 2025, for the target entity to address and present the required explanations/documents to the board’s satisfaction in order to continue discussions about the acquisition of the target company. If this is not accomplished, the proposed transaction will be considered closed.
Company Details
Elitecon Intl. specialises in the production and sale of various tobacco products, including cigarettes and smoking supplies, as well as any other goods typically offered by tobacconists.
At present, the Company operates in international markets including the UAE, Singapore, Hong Kong, and various European nations such as the UK, with intentions to expand its product line to include chewing tobacco, snuff grinders, lighting matches, match boxes, pipes, and other related items. The Company has introduced brands like Inhale in the cigarette sector, Al Noor in the sheesha category, and Gurh Gurh in the smoking mixture range.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
