Upcoming Bonus Issue: Rs 50-To-200, Penny Stock To Announce Bonus Shares Soon; Hits New 52-Week High

Naapbooks, a penny stock in the IT sector, is planning to reward its investors with bonus shares soon. The company's board is set to meet on March 7, 2024, for a host of business agendas including bonus issue ratio. Following this, on February 29, the penny stock locked at its new 52-week high of Rs 197.90 apiece, up by 4.99% on BSE.

The company's market cap is at Rs 59.50 crore.

The stock has journeyed from a little over Rs 50 to nearing Rs 200 levels in a year. From its 52-week low of Rs 54 apiece, the stock gained by 266.48% currently.

As per the regulatory filing, a meeting of the Board of Directors of the Company will be held on Thursday, 07th March 2024 inter-alia, to consider and discuss, subject to the approval of the shareholders:

1. To explore opportunities of fundraising through various means of Issuance of Shares/Share Warrants on preferential basis or through Rights Issue or debt instrument, in one or more tranches, for an amount not exceeding Rs. 25 crores (INR Twenty Five Crores), subject to the necessary approvals and in accordance with the provision of Companies Act, 2013 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended from time to time.

2. To consider and evaluate the proposal for the issue of Bonus Shares, subject to the approval of the members and any other requisite approvals.

3. To consider and evaluate the proposal for the formulation of the "Naapbooks Limited- Employee Stock Option Scheme ("ESOS") 2024" of the Company, by SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 subject to the approval of the shareholders of the Company in General Meeting.

4. To consider and explore opportunities to acquire the business of or merge with IT Companies.

5. To consider and discuss the increase in the Authorized share capital of the company.

6. Any other agenda with permission of the chair.

Notably, last week, the company signed a memorandum of understanding with Tinycheque Ventures for doing business in the design, development and marketing of SaaS products and services.

The collaboration will focus on the ideation, development, and launch of SaaS products. This includes but is not limited to, market analysis, product design, development, marketing, and sales strategies. Both parties will work in the Partnership.

Naapbooks is a FinTech company that is technologically driven with an all-encompassing experience of seven years in the IT industry. The company offers finance consultancy and software support services. Its energy is channelled into envisioning novel innovations such as mobile banking and cloud-based management software.

The company examines any existing obstacles and develops viable solutions using technologies like Blockchain, Artificial Intelligence and Machine Learning to create new FinTech business models that promote growth and deliver success.

Disclaimer: The write-up highlights the latest developments and its bonus issue, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.