“The Company at their meeting held today i.e., Saturday, October 19, 2024 at 10:00 AM concluded at 11:05 AM have inter-alia, considered and approved the following businesses: 1. Issuance of equity shares or other convertible securities by way of Qualified Institutions Placement, for an aggregate consideration not exceeding Rs. 1500 Crores (Rupees Fifteen Hundred Crores only),” said the company in a filing to the stock exchanges.
The company has further informed that the board also approved the draft notice for an extra-ordinary general meeting (EGM) to seek shareholders’ approval for issuing the securities through a special resolution.
The shares of PG Electroplast have given multibagger returns this year. The stock has gained 225.6% in the last 6 months alone while increasing by 158.6% and 210% in the current year so far and in the last 1 year, respectively.
On charts, the stock is well placed trading above all its significant exponential moving averages (EMAs) of short, medium and long term (10, 20, 50, 100 and 200) and oscillating near the 53-mark on the relative strength indicator (RSI), which is a mid-range level on the indicator.
PG Electroplast is a pioneer and leading provider of electronics manufacturing services in India. It was incorporated in 2003 as the flagship company of PG Group. Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM) and Plastic Injection Moulding are the company’s areas of expertise.The stock closed 4% higher at Rs 616.10 on the BSE on Friday.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
