Ok Play India Shares Hit 5% Upper Circuit After Mauritius-Based FII Buys Stake

On Wednesday, the shares of OK Play India closed at a 5% upper circuit level of Rs 164.30 apiece. One of the multibagger stocks offered by the Indian stock market in 2023 is OK Play India shares as the scrip has gone up by more than 234% so far this year.

The surge in the value of the company's stock occurred after the Board of Directors decided to issue up to 24,75,000 fully paid-up equity shares on a preferential basis at a price of Rs. 125 per equity share, in addition to a premium of Rs. 115 per equity share, for a maximum consideration of Rs. 30.93 Cr during their meeting on Monday, November 27, 2023.

The board of directors of OK Play India Ltd. has allocated 5 lakh company shares at a price of Rs 125 a share to Saint Capital Fund, a foreign institutional investor (FII) with headquarters in Mauritius, according to the firm's latest exchange filing. This indicates that shares of the firm worth Rs 6.25 crore have been allocated to the Mauritius-based FII. With the current pricing of OK Play India shares at Rs 164.30 apiece, the total worth of Saint Capital Fund's Rs 6.25 crore investment is Rs 8,21,50,000.

A total consideration of up to Rs. 13.50 Cr was approved by the Board for the issue of up to 10,00,000 equity share warrants on a preferential basis. These warrants carry the entitlement to subscribe for an equivalent number of fully paid-up equity shares of the company at a price of Rs. 135/-per-equity share, including a premium of Rs. 125/-per-equity share.

According to an exchange filing, Ok Play India has reached a deal with MANN+HUMMEL Filter (MHIN), a division of the Germany-based MANN+HUMMEL Group, for its air pollution control product. The arrangement was made through the company's wholly-owned subsidiary, MRH Technologies.

The scrip has generated a multibagger return of 426.60% in 1 year and has surged 43.43% in 6 months.