Small-Cap Stock Hits 10% UC in Torrid Market on Rs 41.7 Cr Fundraising Approval
By Malvika Gurung
Investing.com — Shares of the real estate company Peninsula Land (NS:) hit a 10% upper circuit of Rs 14.05 apiece in Wednesday’s trade despite heavy sell-offs on Dalal Street as benchmarks tanked 1.43% and shed 848.3 points or 1.4% in the afternoon session.
Peninsula Land’s stock jump in Wednesday’s session comes after the company announced that its Board of Directors approved raising funds aggregating to Rs 41.72 crore through preferential allotment of shares and warrants on a private placement basis.
The company’s Board in its latest meeting approved the issue and allotment of 1.45 crore equity shares of face value Rs 2 each at Rs 14 apiece, along with 1.53 crore warrants exchangeable into shares of face value Rs 2 each at Rs 14 apiece/warrant to a promoter Group entity.
Miranda Tools is the proposed subscriber of the deal, which is a member of the Promoter Group of Peninsula Land.
The tenure of the warrants is 18 months from the date of their allotment, said Peninsula Land in a regulatory filing, adding that these warrants shall be convertible in one or more tranches.
Further, the small-cap company’s Board approved convening an Extraordinary General Meeting on March 18, 2023.