FII Backed Stock Under Rs 4 Approves 99 Cr Fundraising Plan, Up 30% In 3 Months

Board of directors of small cap stock, G G Engineering Ltd on September 2, 2023 approved fund raise plan of up to Rs 99 crore via the allotment of convertible warrants on a preferential basis. Last trading price of G G Engineering share is Rs 1.16 apiece. The stock hit lower circuit in trade today. In last 3-months, G G Engineering shares gained 30%. Check details below:

G G Engineering Approves Fundraising Of Up To Rs 99 crore: According to the BSE filing of the company dated September 2, "raising of funds by way of creating, issuing and allotting up to 75,00,00,000 (Seventy-Five Crores only) fully Convertible Warrants ('Warrants'), carrying a right exercisable by the Warrant holder to subscribe to one Equity Share having face value of Re.1/- per Warrant, to persons belonging to 'Promoter and Non-Promoter, Public Category' on preferential basis at an issue price of Rs. 1.32/- (Rupees One and Thirty-Two Paisa Only) per Warrant, subject to shareholders' approval and other statutory approvals, in accordance with provisions of Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended up-to-date and applicable provisions of Companies Act, 2013 and rules made there-under, aggregating amount of up to Rs. 99,00,00,000/- (Rupees Ninety-Nine Crores only) for cash."

New Appointments: Meanwhile, board of directors of G G Engineering also approved appointment of Mr. Anshu Jain as Whole Time Director and Chief Executive Officer (CEO) of the Company with immediate effect for a period of 5 years (commencing from September 2, 2023 ending on September 1, 2028). Appointment of Mr. Virender Sharma as Chief Financial Officer (CFO) of the company with immediate effect i.e. September 02, 2023.

G G Engineering Stock Performance: Last trading price of G G Engineering is Rs 1.16 apiece, after a decline of 1.69%. The stock has been hitting upper circuits in the last few days. It hit upper circuit on Aug 28, Aug 29, Aug 30, Aug 31, Sept 1, and Sept 4. G G Engineering shares rallied 8% in last 1-month, soared 16% in last 6-months, declined 82% in last 2-years, and fell 70% in last 3-years.

FII Bought Stake In G G Engineering: Earlier this year, Mauritius-based FII Vikas Global Fund PCC bought fresh stake in G G Engineering. The FII bought 45 lakh company shares for Rs 1.40 per share. The bulk deal was executed on 9th August 2023, as per the BSE filing. The FII pumped nearly Rs 63 lakh in G G Engineering.

G G Engineering Financials: The company for the quarter ended June 30, 2023 declared its consolidated total income at Rs 18.57 crore, down 38.69% as compared to its last quarter total income of Rs 30.28 crore. It announced its recent quarter net profit after tax at Rs .28 crore.

G G Engineering About: Established in 2006, G G Engineering Limited has been at the forefront of meeting the rising demand for superior infrastructure Infrastructural & Structural Steel, and Engineering products.

Disclaimer

The stock just highlights the fundraising plan, stock performance 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 ay losses. Please consult a professional advisor.