Multibagger Stock Approves 1:1 Bonus Shares, Scrip Up 109% In 1 Year

Abhishek Integrations Limited is a micro cap company that recorded a market cap of Rs 15 Cr in Friday closing session. The company's activities include developing, operating, and maintaining HT & LT Electrical and Mechanical and its installation at airport terminal buildings. In a meeting conducted on June 15, 2023, the company's board of directors authorised bonus shares in a 1:1 ratio, according to a statement from Abhishek Integrations Limited.

The Board of Directors have "Approved and Recommended the Issue of 1 (One) Bonus Shares for every 1 (One) Equity Shares held by the Equity Shareholders of the Company as on 'Record Date'. The Bonus Issue of Equity Shares is subject to the approval of the shareholders and other applicable statutory and regulatory approvals, as may be required. The Company shall intimate the 'Record Date' in due course of time for determining eligible Shareholders entitled to receive bonus shares, in compliance with regulatory requirements," said Abhishek Integrations in a stock exchange filing.

Subject to shareholder approval, the bonus shares will be credited within two months from the date of Board approval, or by August 14, 2023.

During the financial year ended March 2023 the company recorded a net revenue of Rs 23 Cr compared to Rs 13 Cr in the financial year ended March 2022. Its operating expenses stood at Rs 21 Cr in FY23 as against Rs 13 Cr in FY22. The company's annual net profit was flat Rs 1 Cr in FY23.

On Friday, the shares of Abhishek Integrations closed on the NSE at Rs 50.50 apiece up by 1.41% from the previous close of Rs 49.80. The stock's 52-week-high level reached at Rs 54.65 and 52-week-low level is Rs 22.00. The stock price climbed from Rs 36.10 to the current market price during the past five years, representing a return of 26.25%. The stock price jumped from Rs 24.20 to the current market price during the course of the past year, representing a multibagger return of 108.68%.

During Q4FY23, Abhishek Integrations recorded promoters shareholding of 67.70% and public stake of 32.30%.