Penny stock rallies 1200% in 3 years, record date fixed for 51:10 rights issue

The company has said in a stock exchange filing that its Board of Directors has “fixed Friday, December 30, 2022 as the “Record Date” for the purpose of determining the name of Equity Shareholders of the Company eligible to apply for the Rights Equity Shares in the Rights Issue of the Company. The ISIN of the Rights Entitlements is INE309H20012. The Rights Entitlements of Eligible Equity Shareholders as on record date shall be credited, prior to the issue opening date, in their respective demat accounts under the aforementioned ISIN.”

Rights issue details of Visagar Financial Services as per the data available on the stock exchanges

a) Right issue size: 49,73,87,700 equity shares of face value of ₹1 each for an aggregate amount of ₹49,73,87,700 only.

b) Right Issue Price: Rs. 1/- Per Equity Share

c)Right Entitlement Ratio: 51 (Fifty-One) Rights Equity Share(s) for every 10 (Ten) fully paid- up Equity Share(s) held by the eligible shareholders as on the Record Date.

d) Rights Issue Schedule; Issue opening Date- (Thursday) January 12, 2023, Last Date on Market Renunciation of RE- (Wednesday) January 25, 2023, Issue closing date- (Thursday) February 02, 2023.

The shares of Visagar Financial Services closed on Friday at ₹2.04 apiece level, down by 4.67% from the previous close of ₹2.14 on the BSE. The penny stock recorded a total volume of 685,881 shares compared to the 20-Day average volume of 890,048 shares. The stock has appreciated by 580% over the past five years and by 1230% over the past three years. The stock has dropped 11.30% over the past year, and on a year-to-date basis, it has fallen 30.38% so far in 2022. The stock had touched a 52-week-high of ₹6.97 on (28/01/2022) and a 52-week-low of ₹1.22 on (23/11/2022). For the quarter ended September or Q2FY23, the company reported a promoter shareholding of 5.34% and a public stake of 94.66%.