Penny Stock Hits 10% Upper Circuit On New Update, Rallies 52% In 2-Weeks

Small cap company operating in the financial services sector, BLB Ltd shares hit 10% upper circuit in trade today on BSE. Current market price of BLB shares on BSE is Rs 33.72 apiece with intraday gain of 9.98%. BLB shares zoomed 52% in last 2-weeks only and offered multibagger returns of 511% in last 3-years.

The company informed via its BSE filing about receiving an open offer, "This is to inform you that the Company had received a copy of the Draft Letter of Offer on 29th January, 2024, from M/s. Fast Track Finsec Private Limited ("SEBI registered Merchant Banker and Manager to the Offer") on behalf of M/s. Dream Achiever Consultancy Services Private Limited ("Acquirer") in relation to an Open Offer to the Public Shareholders of BLB Limited."

Earlier this month, Dream Achiever Consultancy Services Private Limited announced an open offer for acquisition of up to 1,37,44,967 (One-crore thirty seven lakh forty four thousand nine hundred sixty seven) fully paid up equity shares of face value INR 1/- each from the shareholder of BLB Limited representing 26% of total issued, outstanding and fully paid-up equity share capital of the company at a price of Rs 22.60 per equity share (offer price) aggregating to total consideration of Rs 31,06,36,254.20 payable in cash, according to the BSE filing.

As per the regulatory filing of BLB Ltd, "we hereby would like to inform that Mr. Brij Rattan Bagri, the promoter of our Company (hereinafter referred to as 'Seller') has entered into a Share Sale and Purchase Agreement on 17° January, 2024 with M/s. Dream Achiever Consultancy Services Private Limited (hereinafter referred to as 'Acquirer') under which the Acquirer proposes to acquire 1,94,74,671 equity shares representing 36.84% of the paid-up share capital of our Company at INR 1/- each equity share amounting to total consideration of Rs. 43.82 Crores (approx.)"

BLB Stock Price & Return: The 52-week high price of BLB shares on BSE is Rs 34.70 apiece and 52-week low price is Rs 18.00 per share, respectively. The company has a market capitalisation of Rs 178.26 crore. BLB shares gained 80% in last 6-months, rallied 29% in last 1-year, and offered return of 41% in last 2-years. In last 5-years, BLB shares zoomed 537% and rallied 1005% in last 10-years.

About: BLB Limited is a securities brokerage services company. It is engaged in the business of trading and investment in shares, securities & commodities. It operates in Shares & Securities segment. The small cap company was incorporated in 1981.

Disclaimer: The stock highlights the rally in shares 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.