Multibagger Penny Stock Issues Update On Allotment of Warrants, Shares Hit 10% Upper Circuit

Small cap company from the Garments & Apparels industry, Lorenzini Apparels Ltd today issued update on allotment of warrants. Earlier, Lorenzini Apparels shares traded 10% upper circuit on July 5, 2024. Last trading price of Lorenzini Apparels share on BSE is Rs 23.66 per share with intraday gain of 9.23% as on July 5, 2024. Lorenzini Apparels shares offered attractive return of 74% in last 1-year and surged 1178% in last 2-years. Check key details below:

Lorenzini Apparels Gives Update On Warrants: As per the regulatory filing, "Considered and approved the allotment of conversion of 2,47,230 warrants into 2,47,23,00 equity shares of face value of Rs. 1/- each, out of the 10,38,37,10 warrants allotted on October 5, 2023 on preferential basis, upon receipt of an amount aggregating to Rs. 3,74,99,846.4/- (Rupees Three Crore Seventy-Four Lakh Ninety-Nine Thousand and Eight Hundred Forty-Six and Forty Paisa) per warrant (being 75% of the issue price per warrant) from the Chillypot Trading Private Limited ("Allottee") pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018 and allotted 26,97,054 equity shares issued under bonus issue which reserve the portion for the warrant holder to exercise option of conversion of warrant into the equity shares. Further, list of allottees is enclosed as Annexure-I."

Pursuant to members approval, these warrants were issued, in terms of SEBI (ICDR) Regulations, 2018 to nonpromoters/public, on preferential basis, at an Issue Price of Rs. 202.24/- per warrant on payment of Rs. 50.56 per warrant, being 25% of the Issue Price, entitling the warrants holders to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75% i.e. Rs. 151.68/- within 18 months from the date of warrant allotment, added the BSE filing.

Lorenzini Apparels Share Performance: The 52-week high price of Lorenzini Apparels shares on BSE is Rs 33.02 per share (as on 23/02/2024) and 52-week low price is Rs 11.09 per share (as on 17/07/2023), respectively. The company's market cap stood at Rs 370.73 crore. Lorenzini Apparels shares fell over 16% in last 3-months, gave return of 5966% in last 3-years, and surged 5043% in last 5-years.

Lorenzini Apparels Shares Bonus Share, Stock Split In 2024: The company on March 15, 2024 issued a BSE filing pertaining to the record date stating, "Further, revised Record Date is Thursday, March 28, 2024 for the purpose of;
a) Sub-division of face value of Equity Shares (all the Authorized, Issued, Subscribed and Paid-up Equity Shares of nominal value of Rs. 10/- (Rupees Ten Only) each shall stand subdivided into 10 (Ten) Equity Shares of nominal value of Re. 1/-(One Rupee) each fully paidup and;
b) ascertaining the eligibility of security holders entitled for issuance of Bonus Equity Shares of the Company in the ratio of 6:11 i.e. 6 (Six) Equity Shares for every 11 (Eleven) Equity Shares having a face value of Re. 1/- (considering the post sub-division/split of face value of equity shares)."

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