Small Cap Engineering Stock Approves Rs 200 Cr Rights Issue, Offers 235% Return In 1-Yr

Board of small cap stock operating in Engineering sector, Skipper Ltd on August 16, 2023 approved issuance of equity shares of the Company (the 'Equity Shares') for an amount up to Rs 200 crores by way of a Rights Issue to the eligible equity shareholders of the Company. The record date is yet to be fixed for the same. Last trading price of Skipper share is Rs 197.15 apiece. Skipper shares rallied 100% in last 6-months and offered 235% return in last 1-year. Check details below:

Skipper's Approves Issuance Of Equity Shares For Up To Rs 200 Crore: As per the BSE filing of the company dated August 16, 2023, "In continuation to our letter dated 10.08.2023 and in terms of Regulation 30 of the SEBI Listing Regulations, this is to inform you that the Board of Directors in its meeting held today, i.e., Wednesday, 16th August, 2023, have approved the issuance of equity shares of the Company (the "Equity Shares") for an amount upto Rs.200,00,00,000/- (Rupees Two Hundred Crores Only) by way of a Rights Issue to the eligible equity shareholders of the Company as on the record date (to be determined and notified subsequently) in accordance with all applicable laws including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, the Companies Act, 2013, at such price and on such terms and conditions as may be decided by the Board or a duly constituted committee of the Board in accordance with applicable laws, subject to receipt of necessary approvals, as may be required."

Skipper Stock Performance & Return: Current market price of Skipper share is Rs 197.15 apiece with intraday gain of 1.08% on BSE. Its 52-week high price is Rs 217.45 apiece and 52-week low price is Rs 56.25 apiece, respectively. It has a market capitalisation of Rs 2024.14 crore. Skipper shares soared 56% year-to-date, jumped 146% in last 2-years, and gave a return of 354% in last 3-years.

Skipper Financial Performance: The company for the quarter ended June 30, 2023 announced its consolidated total income at Rs 556.04 crore, down 15.64% as against the last quarter total income of Rs 659.13 crore. It announced its recent quarter net profit after tax at Rs 14.02 crore.

Skipper About: Skipper Limited is one of the world's largest integrated Transmission Tower manufacturing companies with angle rolling, tower, accessories & fastener manufacturing and EPC line construction. Its manufacturing capacity is the largest in India and among the top 10 in the world. Skipper Limited is a national powerhouse in the Polymer Pipe business, according to its official website.

Disclaimer: The board of directors of the company approved rights issue. 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.