2000% returns in 5 years. Multibagger stock declares fundraiser move via QIP | Stock Market News
Source: Live Mint
Multibagger stock: Eco Recycling Limited, a waste management firm, announced on January 23 that the company is looking to raise funds via a Qualified Institutional Placement (QIP) process, according to an exchange filing.
A QIP fundraising process is a method of raising capital for publicly listed companies by selling their securities to large investors like qualified institutional buyers (QIB) operating in the stock market.
The data filing showed that the company aims to raise funds in exchange for issuing equity shares with a face of ₹10 each to qualified institutional buyers under the supervision of the Securities and Exchange Board of India (SEBI).
“Proposed Qualified Institutions Placement (QIP) of equity shares of ₹10 each (Equity Shares) by Eco Recycling Limited to qualified institutional buyers under the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended and Companies Act, 2013 and rules made thereunder,” approved the board on Thursday.
The board of directors appointed GYR Capital Advisors Pvt Ltd as the book-running lead manager for the QIP issue, and Vidhigya Associates, Advocates will be operating as the legal counsel for the offer, according to the release.
Eco Recycling Share Price
Eco Recycling Limited shares closed 2.78 per cent lower at ₹807.40 after Friday’s stock market session, compared to ₹830.50 at the previous trading close. The company disclosed its QIP fundraising plans on Thursday, January 23, after market operating hours.
Shares of Eco Recycling hit their 52-week high at ₹1,215.10 on August 29, 2024, while the 52-week low level was at ₹378 on January 25, 2024, according to data collected from the BSE. As of Friday’s market close, the market capitalization of the stock stands at ₹1,558.02 crore.
The multibagger stock has given investors more than 104 per cent returns in the last one-year period and over 2,000 per cent returns in the last five years. However, Eco Recycling’s stock is hovering 16.81 per cent lower on a year-to-date (YTD) basis.
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