Multibagger stock sets record date for rights issue, up 160% in 1 year of IPO

Market


Small-cap firm Markolines Pavement Technologies Ltd operates in the Industrial sector and has a market valuation of 313.65 Cr. Markolines, a network of businesses with a base in Mumbai, specialises in providing quality services, especially in highway operations and maintenance (O&M).

The company has said in a stock exchange filing that its Board of Directors has considered and approved 1. Rights Issue Size- The Board has decided and fixed Rs. 4985.87 Lakhs as the Rights Issue Size. 2. Number of Rights Shares- 29,85,550 Equity Shares. 3. Rights Issue Price- Rs. 167/- Per Equity Share (Including Re. 157/- Premium per share) 4. Record Date- Fixed the Record Date on Tuesday, 17th January 2023 for the purpose of determining the eligible shareholders to apply for the Issue. 5. Terms of Payment- The Issue Price of Rs. 167/- per Rights Equity Share (including a premium of Rs. 157/- Per Rights Equity Share) shall be payable at the time of application. 6. The Board has approved the Letter of Offer, Abridged Prospectus. 7. We wish to inform you that the Board has considered and approved the appointment of various intermediaries for the Proposed Rights issue of the Company.”

The shares of Markolines Pavement Technologies Ltd closed today on the BSE at 164.15 apiece level, down by 1.26% from the previous close of 166.25. The stock recorded a total volume of 76,800 shares. On September 27, 2021, the stock got listed on the BSE, and since then it has climbed 160% so far. The stock has produced a multibagger return of 124.84% during the past year. On a YTD basis, it has rallied 2.11% so far in 2023. 

The stock had touched a 52-week-high of 207.00 on (07/11/2022) and a 52-week-low of 59.35 on (07/03/2022), indicating that at the current market price, the stock is trading 20.70% below the 1-year high and 176.57% above the 1 year low. For the quarter ended September 2022 or Q2FY23, the company posted a promoter shareholding of 73.16% and a public shareholding of 26.84%.


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