Small Cap Stock Paramount Communications Announces Allotment of 2.02 Cr Shares On Preferential Basis

Amidst the bumper surge in the stock market on Thursday afternoon, a rise of 3.53 per cent was recorded in the shares of Paramount Communications and the shares of the company with a market cap of around Rs 2360 crore were functioning at the level of Rs 78.60. The 52-week high of shares of Paramount Communications Limited is Rs 116.85 while the 52-week low is Rs 34.15.

Paramount Communications has informed the stock market that the company has decided to allot 2.02 crore shares to non-promoters on a preferential basis. The company has received approval in this regard from the stock exchange. Paramount Communications has informed the stock market that the company is going to issue 2.0274 crore equity shares with face value of Rs 2 on preferential basis at a premium of Rs 64.50 to non-promoters category investors, which will help the company raise a huge amount.

Shares of Paramount Communications Limited have given investors a return of 8 per cent in the last 5 days, while in the last 6 months, investors have earned 27 per cent from this share. In the last 1 year, Paramount Communications shares have given investors a bumper return of 105 per cent from the level of Rs 38.55. In the last 5 years, Paramount Communications shares have given investors a bumper return of 494 per cent from the level of Rs 13.25.
Earlier this year, the company received a long-term rating of [ICRA] BBB- (Stable) from ICRA, a credit rating agency, for their bank facilities of Rs 150 crore. This rating indicates moderate credit quality with a stable outlook.

The rating is based on the specific terms and conditions of the bank facilities and may change if those terms change. It's important to note that this rating is an opinion and shouldn't be considered financial advice.

As per a regulatory filing, the meeting of Board of Directors of the company is scheduled to be held on Friday, 24th May 2024, to consider and approve, inter alia, the audited standalone and consolidated financial results for the quarter and financial year ended on 31st March 2024.

Paramount Communications is engaged in manufacturing of Wires and Cables comprising power cables, telecom cables, railway cables and specialized cables. It has widened its portfolio, building on a prestigious clientèle that includes government, institutional and major private sectors.