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Multibagger penny stock fixes record date for rights issue

With a market valuation of 14 crore, Maharashtra Corporation Ltd. is a small-cap company that operates in the financial services sector. The company is involved in the business of investing in, trading, and distributing various textile products. The company announced that the Board of Directors’ meeting, dated December 13, 2021, had recommended the issue of equity shares of the company with a face value of Rs. 1 each in the means of a rights issue for a total amount not surpassing Rs. 49.90 crores, was approved at its board meeting on June 15, 2022. The rights issue size announced by the company is 49,62,22,210 equity shares of face value of 1.00/- each for an aggregate amount not exceeding 49,62,22,210 only. According to the company’s announcement, eligible shareholders are entitled to 11 rights equity shares for every 3 fully paid-up equity shares they held as of the record date.

In its exchange filing, Maharashtra Corporation has said “This is further to our intimation dated June 15, 2022 given under Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 as amended, with respect to the meeting of the Board of Directors (“Board of Directors”) of Maharashtra Corporation Limited (“Company”) held on June 23, 2022 in accordance with Regulations 42 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and Regulation 68 of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,2018, the Board of Directors at its meeting held today i.e. June 23, 2022 has fixed 08th July, 2022, Friday as the record date for the purpose of determining the Equity Shareholders who are entitled to receive the Rights Entitlement in the Rights Issue (“Record Date”).”

The shares of Maharashtra Corporation have surged from 0.41 as of 25th June 2021 to the current market price of 1.05 as of 24 June 2022, 3:30 pm IST, which represents a multibagger gain of 156.10% in 1 year. However, on a year-to-date (YTD) basis, the stock has fallen 24.46% so far in 2022. The stock has fallen 5.41 per cent over the past six months, 21.64 per cent over the past month, and 10.26 per cent during the past five trading days. According to the current market price, Maharashtra Corporation is trading lower than 5 days, 20-day, 50-day, 100-day and 200 days moving averages.

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