A penny stock under ₹5 has been on a spree of hitting its upper circuit and 52-week highs over the last few sessions. Despite weak market sentiment, NHC Foods jumped 5% to its upper circuit of ₹2.05 in intraday deals on the BSE on Wednesday, 26 August. The stock has been rising for the last 15 consecutive sessions. Over this period, it has nearly doubled.
NHC Foods latest news
In an exchange filing after market hours on 25 August, NHC Foods said its board on 25 August approved an increase in existing authorised share capital from ₹100 crore of ₹1 each to ₹2,000 crore of ₹1 each.
Moreover, the board also approved the proposal for the issuance, offer and allotment of up to 25.60 crore convertible warrants on a preferential basis, aggregating to ₹53.76 crore at the issue price of ₹2.10 to non-promoters, subject to the approval of shareholders of the company.
The company will make the detailed disclosures relating to the proposed preferential issue later separately.
Moreover, the board also approved the allotment of 18,18,79,020 fully paid-up equity shares of face value ₹1 each at a conversion price of ₹1 per equity share to M/s. Emerging Market Opportunities Ltd., after the receipt of notice for partial conversion of 19 FCCBs of principal value aggregating to $19,00,000 from the FCCB holder.
Consequently, the paid-up equity share capital of the company increased to ₹94,38,06,060.
After this conversion, 240 FCCBs of principal amount of $1,00,000 as listed at Afrinex Exchange remain outstanding, said the company.
Besides, the company announced the appointment of Pradeep Agarwal as the Chief Financial Officer of the company, with effect from 1 September.
NHC Foods share price trend
On the BSE, the stock has delivered multibagger returns of 130% year-to-date, while over the last six months, it has surged 153%. The stock hit a 52-week low of ₹0.59 on 30 March.
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