Penny Stock Below Rs 5 Approves Foreign Currency Convertible Bonds; Do You Own?

On Friday, the shares of Evexia Lifecare ended 0.68% higher at Rs 2.96 apiece after the company declared foreign currency convertible bonds.

"This is to inform you that pursuant to the Regulation 30 and any other Regulation of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the meeting of the Board of Directors of the Company was held on Friday, July 26, 2024, at the corporate office of the company situated at 9th Floor, Galav Chambers, Sayajigunj, Vadodara, Gujarat - 390020 which commenced at 05:30 pm and concluded at 06:15 pm.In that meeting the Board has decided the following matters," said Evexia Lifecare in a stock exchange filing.

"The members of the company approved the issue of the foreign currency convertible bonds in the Annual General Meeting held on July 9, 2022. Further we hereby inform that the Board of Directors at its meeting held on July 26, 2024 inter alia considered and approved conversion of 25 bonds into equity shares as per the terms and conditions of the issue of FCCB. You are requested to take the same on your record," the company informed stock exchanges.

Financially speaking, the company reported net sales of Rs 23.65 crore for the quarter ending in March 2024, a 7.72% drop from Rs. 25.63 crore for the same period in 2023. After generating Rs. 0.38 crore in Q4FY23, the firm generated a net profit of Rs. 0.89 crore in Q4FY24, a 136.23% growth. EBITDA jumped by 312.9% to Rs. 3.84 crore in the March 2024 quarter from Rs. 0.93 crore in the same quarter of 2023.

The company produces a range of downstream petrochemical products, including petroleum sulphates, special oils, and chemicals, which are utilised in the rubber, leather, ink, and paint industries, among other industrial uses.

The FMCG penny stock below Rs 5 reached a 52-week-high of Rs 3.42 on (02/02/2024) and a 52-week-low of Rs 1.55 on (28/12/2023). In the last 1 year the stock has gained 56.61% and on a YTD basis, the stock has gained 55.79% so far in 2024. Over the previous year, the stock price climbed by 57.45% and beat the sector's average by 35.56%. The price-to-earnings ratio of the company is 244.43, which is more than the 63.89 sector PE ratio.