Multibagger penny stock hit 5% upper circuit, as Board approves share buyback


With a market valuation of 13.67 Cr, Abirami Financial Services (lndia) Limited is a small cap company that operates in the financial services industry. The primary businesses of the company are hire purchase, leasing, lending money against securities, and real estate, both movable and immovable. The Board of Directors of the company today has approved the buyback proposal of 6 lakh equity shares of face value INR 10/- each at a buyback price of INR 28 and a maximum buyback size of 1.68 Cr.

The company has said in a stock exchange filing that “At the meeting of the board of directors (“Board”) of the Company held on January 12,2023, the Board has approved a proposal for the buyback of 6,00,000 (Six Lakh) fully paid- up equity shares of face value INR 10/- each representing 10% of the total number of fully paid-up equity shares in the paid-up share capital of the Company, from the shareholders of the Company at a price of INR 28/- (Rupees Twenty Eight Only) per equity share (the “Buyback Offer Price”) payable in cash for an aggregate consideration not exceeding INR 1,68,00,000 (Rupees One Crore Sixty Eight Lakhs Only) (the “Buyback Offer Size”) representing 10% of the aggregate fully paid-up equity share capital and free reserves as per the audited standalone interim financial statements of the Company, for the period ended September 30, 2022, through ‘Tender Offer’ route in terms of Sections 68,69,70 and other applicable provisions,if any, of the Companies Act,2013 and rules made thereunder and the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018, as amended (“Buyback Regulations”) on a proportionate basis from the Shareholders as on record date, subject to regulatory compliances required under applicable laws (“Buyback Offer”). In compliance with Regulation 42(2) of the L0DR Regulations, fixed Friday 27th January 2023 as the Record Date for the Buyback Offer; Appointed M/s. BONANZA PORTFOLIO LIMITED, a SEBI registered Category I Merchant Banker as “Sole Manager” to the Buyback Offer.”

On the BSE, the shares of Abirami Financial Services (lndia) Limited closed today at an upper circuit limit of 22.78 apiece level up by 5% from the previous close of 21.70. The stock has been hitting its upper circuit since 13th April 2022. The stock recorded a total volume of 1,051 shares. The stock has produced a multibagger return of 166.74% over the past five years and a multibagger return of 207% during the past three years. 

The stock has produced a multibagger return of 273.44% over the past year, and it has gained 47.54% YTD in 2023. The stock has produced a multibagger return of 269.21% over the past six months, and a multibagger return of 190.56% during the past month. The stock has appreciated 21.43% during the past five trading days. The stock had touched a 52-week-low of 3.59 on (02/03/2022), indicating that at the current price level, the stock is trading 534.54% above the 1 year low after hitting a fresh 52-week-high today.

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