Multibagger Stock Has Risen By 149.02% Since Its IPO Issue, Announces Bonus Shares

Share price of Party Cruisers Ltd surged by 149.02% to Rs 127 per share from its IPO issue price of Rs51 per equity share. It is up by 2.42 % over previous day's closing price of Rs 123 per share. The company in an exchange filing announced about the issuance of bonus shares. Check below for details.

The company had informed that the Board of Directors were going to meet on Friday, March 10, 2023, inter-alia, to consider and approve the bonus issue along with increase in the authorized share capital of the company and discuss other matters.

Today after the meeting was held, its outcome was filed with exchange. As per the announcement "The Board of Directors of the Company has inter-alia, considered and approved the increase in authorised share capital of the company from Rs. 7,50,00,000 (Rupees Seven Crores Fifty Lakhs only) divided into 75,00,000 (Seventy-Five Lakhs) Equity Shares of Rs.10/- (Rupee Ten) each to Rs. 12,00,00,000/- (Rupees Twelve Crore only) divided into 1,20,00,000 (One Crore Twenty Lakhs) Equity Shares of Rs.10/- (Rupees Ten) each and corresponding amendments to the Clause V of the Memorandum of Association of the Company subject to approval by the Shareholders."

The company board gave recommendation for Bonus issue of 1 (one) equity share for every 1 (one) equity share held, subject to approval by the shareholders and any other applicable statutory and regulatory approvals, as may be required.

With regards to the record date for issuing bonus shares, it was notified that, "The Company will intimate the 'Record Date' for determining eligible Shareholders entitled to receive bonus shares, in due course of time."

Party Cruiser Limited is a small medium enterprise, engaged in wedding and corporate event management. It was established in 1994, and is promoted by Mr. Zuzer H. Lucknowala and Mrs. Rachana Z. Lucknowala.

The company offers a range of event activities from pre-wedding to during wedding and post-wedding activities such as in-house designing, destination wedding decor, etc. The company generates 75% of the revenues from wedding management activities and the rest is contributed by event management activities.

Its current market capitalisation is at Rs 7,112. lakh. It was listed on National stock exchange on March 8, 2021 at an issue price of Rs 51 per share. Its' 52-week high price is at Rs 353.90 per share and 52-week low is at Rs 86 per share.

Disclaimer:
Greynium Information Technologies and the Author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision. This article is for information purposes only and not in any way a stock recommendation.