5:1 Stock Split In 11 Days: Rs 3,000 Defence Stock Hits New 1-Yr High; Turns Rs 10K To Rs 25,43,257

Premier Explosives is a defence stock that is scheduled to split in less than two weeks. Ahead of its sub-division which is in the ratio of 5:1. Premier Explosives share price witnessed heavy buying on June 10, rising by more than 18% and hitting a new 52-week high of Rs 3,040.70 apiece.

After market hours of Monday, the stock ended a tRs 2998.50 apiece, up by 16.70% on BSE with a market cap of Rs 3,224.06 crore. The stock has gained by nearly 624% from its 52-week low of Rs 420 apiece. YTD, the stock is up by 92%.

In a year, Premier Explosives share price surged by 587%. While its all-time gain is around 25,332.57%.

PEL has the widest range of products and technologies in the manufacture of Explosives & Accessories. These include Emulsion and Slurry explosives, LD cartridge explosives, Bulk Explosives, Small-dia non-permitted explosives, Permitted explosives, Cast Boosters, Pillow-packs for secondary blasting; Detonating Fuse of various core-loads, Plain detonators, Instantaneous Electric Detonators, Electric Delay Detonators, Permitted Detonators, Cord Relays and Amardet NoN-Electric Shock-tube Detonators.

The company's shares will be subdivided into a ratio of 1:5. As per the regulatory filing, the sub-division / split of existing 1 (one) Equity Share of the face value of Rs.10 (Rupees ten only) each, fully paid up into 5 (Five) Equity Shares of the face value of Rs. 2/- '(Rupees Two only) each, fully paid up by alteration of Capital Clause of the Memorandum of Association of the Company, subject to the approval of the members of the Company to be sought utilizing Postal Ballot.

The company fixed June 21, 2024, as the record date for determining entitlement of Equity Shareholders for the sub-division split of existing Equity Shares.

Additionally, the company is fundraising through the issuance of instruments or securities including equity shares or any other eligible securities by way of one or more public and/or private offerings including on a preferential allotment basis and/or a qualified institution placement and/or rights issue and/or further public offering, in one or more of the tranches for an aggregate amount not exceeding Rs 400 crore, as per the filing.