This stock rallies 385% in 3 years of IPO, Board to declare bonus shares

The company said today in a stock exchange filing that “Notice is hereby given that the Board Meeting No. 4/2022-23 of Evans Electric Ltd is scheduled to be held on Friday, 16th December, 2022 inter alia: a) To consider and approve increase of Authorized Share Capital of the Company and amend the Capital Clause in the Memorandum of Association of the Company subject to approval of the shareholders; b) To consider and approve issue of Bonus Shares by way of Capitalization of Reserves subject to approval of the shareholders; c) To Consider obtaining approval of members through postal ballot for the proposed bonus issue; d) To Consider and approve appointment of scrutinizer for postal ballot; e) To consider and approve the fixation of record date for the bonus issue subject to approval of the shareholders.”

Evans Electric IPO was opened on 30-04-2019 and closed on 03-05-2019 with an issue size of ₹1.9 Cr and a price range of ₹52 per share, and the stock got listed on the BSE on 13-05-2019. Since the IPO price, the stock has surged to ₹322.65 as of today’s closing price which logs in a multibagger return of 385.19% in 3 years of IPO. The stock price surged from ₹75.30 on December 10, 2021, to the present market price during the course of 1-year, accounting for a multibagger return of 328.49%. The stock has climbed from ₹93 on January 3rd, 2022, to the present price on a year-to-date basis, posting a multibagger return of 246.94% so far in 2022. In the last 6 months, the stock has generated a multibagger return of 293.48% and 225.91% in the last 1 month. The stock had touched a 52-week-high of ₹375.30 on (08/12/2022) and a 52-week-low of ₹70.00 on (11/08/2022), indicating that at the current market price the stock is trading 360.92% above the 1-year low.