After rallying over 300% YTD, this multibagger stock declares 1:1 bonus shares

The company has said in a stock exchange filing that “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors at their meeting held on December 16, 2022 has inter-alia considered and approved the following item: a) The Board of Directors duly considered and approved increase in Authorized Share Capital of the Company from Rs. 1,50,00,000 (Rupees One Crore Fifty Lakh Only) divided into 15,00,000 (Fifteen Lakhs) equity shares of Rs. 10/- each to Rs. 3,00,00,000 (Rupees Three Crores Only) divided into 30,00,000 (Thirty Lakhs) equity shares of Rs. 10/- each by creation of additional 15,00,000 (Fifteen Lakhs) equity shares of Rs. 10/- each and amendment of the Capital Clause in the Memorandum of Association of the Company subject to approval of the shareholders; b) The Board of Directors recommended the Bonus Issue of Equity Shares in the ratio of 1:1 [i.e. 1 (One) fully paid up equity share for every 1 (One) equity share held to the shareholders of the Company as on Record Date as may be determined by the board of director(s), subject to the approval of the shareholders through Postal Ballot.”

The shares of Evans Electric Ltd closed today at ₹387.70 apiece level on the BSE, down by 5.00% from the previous close of ₹408.10. The stock recorded a total volume of 17,000. The stock was listed on the BSE on May 13th, 2019, and since its initial public offering (IPO), it has risen 483.01% so far, reaching an all-time high level. The stock price climbed from ₹73.30 on December 20, 2021, to the current market price during the course of 1 year, resulting in a multibagger return of 428.92%. The stock value has risen from ₹93 on January 3rd to the current market price on a year-to-date basis, resulting in a multibagger return of 316.88% so far in 2022. 

The stock price soared from ₹82 on June 22 to the present price level during the last six months, resulting in a multibagger return of 372.80%. The stock has appreciated 94.63% in the past month and 9.01% in the previous 5 trading sessions. The stock had touched a 52-week-high of ₹411.65 on (16/12/2022) and a 52-week-low of ₹70.00 on (11/08/2022), indicating after recently reaching a new 52-week-high level on Friday the stock is currently trading 5.81% below the recent 1 year high and 453.85% above the 1 year low at the current market price. For the quarter ended September 2022 or Q2FY23, the company posted a promoter shareholding of 59.44% and a public stake of 40.56%.