Multibagger NBFC stock edges higher after acquiring stake in SpiceJet. Do you own? | Stock Market News
Source: Live Mint
Authum Investment & Infrastructure shares gained over 2% in intra-day deals on Monday, March 24, after the company disclosed it had acquired an additional 3.82% stake in airline SpiceJet in an off-market transaction last week.
The company in an exchange filing revealed that it has picked up 4,90,00,000 shares, representing a 3.82% stake, as an encumbrance by way of pledge. Prior to this transaction, the non-banking finance company (NBFC) held 3,74,26,172 shares or 2.92% stake. After the encumbrance, the stake held by Authum Investment & Infrastructure in the airline reached 6.74% (8,64,26,172 shares).
The said shares were pledged on March 20. These shares are ordinary shares having a face value of ₹10 and do not carry any special rights or salient features.
Stock Price Trend
Following this update, Authum Investment & Infrastructure share price gained 2.06% to hit the day’s high of ₹1585 apiece.
The scrip had opened the day at ₹1560, higher than the previous close of ₹1549.45 and thereby extended gains as the session progressed. The day’s low for the stock stood at ₹1553.95, which was also higher than its last closing price.
The stock has offered staggering returns to investors over the years, according to BSE data. In the last one year, it has surged 105% while in the last two years, it has gained 724%. In the past five years, this multibagger stock has delivered a whopping 20,290% return.
Dividend Payout
Last week, the company announced interim dividends to its equity and preference shareholders.
The Board declared an interim dividend of 7% of the face value of ₹10/- each fully paid-up preference shares for the Financial Year 2024-25, amounting to ₹0.7 apiece. Meanwhile, for its equity shareholders, the Board declared an interim dividend of 100% of the face value of ₹1/- each, amounting to ₹1 apiece.
The record date was fixed as March 27 with the dividend payout likely on or before April 19 for both these dividends.
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