Small Cap Leather Stock Jumps 79% In 1-Week, Hits 10% Back To Back Upper Circuit

Small cap stock operating in leather sector, Mirza International Ltd witnessed a sharp rally of 90% in just 1-week. The stock's last trading price on BSE is Rs 60.40 per share. The stock hits 10% back to back upper circuit on April 20, and April 21, 2023.

The stock gave return of 90% in last 2-weeks. The stock fell 71% in last 1-year, gave return of 37% in last 2-years, and 49% in last 3-years.

The company has a market capitalisation of Rs 834.74 crore. The stock's 52-week high price is Rs 379.75 per share and 52-week low price is Rs 30.02 per share, respectively.

Recently, the promoter group-owned entity RTS Fashions was merged with Mirza International and the amalgamated Mirza International de-merged its branded business into Red Tape, whose ex-date was March 29, 2023.

According to the BSE filing, "With regard to your query on price movement, it may be noted that there was a Corporate Action Event for the spin-off in the Company whereby the RED TAPE Business has been de merged into new Resulting Company namely REDTAPE Limited through Composite Scheme of Arrangement of RTS Fashions Private Limited, Mirza International Limited and REDTAPE Limited."

Recently, board of Red Tape approved allotment of 13,82,01,900 shares of face value of Rs 2 each of Red Tape, credited as fully paid up to the equity shareholders of the Transferee Company, Mirza International, in the 1:1 share exchange ratio.

According to the BSE filing, "With reference to our earlier letter dated February 26, 2023, wherein it was informed that the Composite Scheme of Arrangement between RTS Fashions Private Limited, Mirza International Limited and Redtape Limited has become effective from February 25, 2023. In this regard, we wish to inform that Board of Directors of RED TAPE Limited has passed the resolution in their meeting held on March 31 , 2023 has approved the allotment of 13,82 ,01 ,900 (Thirteen Crore Eighty Two Lakh One Thousand and Nine Hundred) Equity Shares of Rs. 2/- each of REDTAPE Limited, credited as fully paid up to the equity shareholders of the Transferee Company - Mirza International Limited, in the following share exchange ratio, as per the aforesaid Scheme:

"The Resulting Company-REDTAPE Limited has issued 1 (one) Equity Share of t2 each, credited as fully paid-up, to the shareholders of the Transferee Company for every 1 (one) Equity Share of Rs 2 each held in the Transferee Company-Mirza International Limited as on the Record Date."

Disclaimer: The stock witnessed sharp rally in last 2-weeks. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.