Multibagger Defence Stock To Consider Stock Split, Fundraising On April 19; Shares Rally 15%

Small cap stock from the defence sector, Premier Explosives Ltd shares zoomed 14.88% in trade today soon after the company informed its decision to consider stock split along with fundraising on April 19, 2024. Last trading price of Premier Explosives shares on BSE is Rs 1940.00 per share. The company has a market capitalisation of Rs 2085.93 crore. Premier Explosives shares jumped 356% in last 1-year and 24% in last 1-week only. More details about fundraising and split below:

Premier Explosives To Mull Fundraising, Stock Split On April 19: As per the BSE filing issued during morning trade on April 9, 2024, "With reference to the captioned subject, this is to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, April 19, 2024, to consider and approve, amongst other things, the following:

1. To consider a proposal of sub-division/split in the face value of equity shares of the Company pursuant to the provisions of Section 61 of the Companies Act, 2013.

2. To consider the proposal to raise funds by issue of equity shares or convertible instruments by way of public issue, preferential Issue, private placement (including one or more qualified institutional placements), or through any other permissible mode and / or combination thereof as may be considered appropriate under applicable law, to eligible investors, subject to the receipt of the necessary approvals including the approval of the members of the Company and such other regulatory / statutory approvals as may be required, including approval of the notice to obtain shareholders' approvals in this regard and to approve ancillary actions for the above mentioned fund raising."

Premier Explosives Shares Performance: The 52-week high price of Premier Explosives shares on BSE is Rs 1994.35 per share (as on April 9, 2024) and 52-week low price is Rs 396.05 per share (as on April 21, 2024), respectively. Premier Explosives Ltd shares have been maintaining sharp upward rally for last few months. Premier Explosives shares gained over 30% in last 1-month, offered return of 84% in last 6-months, soared 357% in last 1-year, and zoomed 436% in last 2-years. In last 5-years, Premier Explosives stock surged 717%.

About: Premier Explosives Limited is a Rs.2600 million company established in 1980. Since inception it has been a research and innovation orieted company by manufacturing explosives and detonators with totally indigenous technology in 1980's and 1990's. In 2013, PEL started commercial-scale manufacture of detonators with Nickel Hydrazine Nitrate (NHN)as primary charge emerging as the world first to do so. Extending its research forte to defence products, in 2003 PEL forayed into development of solid propellants and today it is the only private entity in India manufacturing and supplying solid propellants for prestigious missiles like Akash, Astra, LRSAM, etc, according to BSE filing.

Disclaimer:

The stock highlights the stock split, fundraising 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.