Multibagger penny stock declares 25:3 rights issue, record date fixed

The company has said today in a stock exchange filing that “We write further to our intimations dated November 25, 2022, with respect to the meetings of the Board of the Company held on November 25, 2022 approving the issue of 29,59,25,000 equity shares of face value of Re. 1 each (Equity Shares) to Eligible Equity Shareholders aggregating up to Rs. 2959.25 lakhs in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (SEBI ICDR Regulations). Terms of Payment: Rs. 0.90 (90 paise) per share on Application and Rs. 0.10 (10 paise) per share on subsequent calls as may be decided by the Board of Directors from time to time. In relation to the aforesaid Issue, the Board of Directors, in accordance with Regulations 30 and Regulation 42 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and Regulation 68 of the SEBI ICDR Regulations, at its meeting held today i.e., November 25, 2022, has considered and approved December 2, 2022 as the record date for the purpose of determining the Eligible Equity Shareholders who are eligible to apply for the Rights Equity Shares, in the Issue (Record Date).”

Right issue details of Adcon Capital Services

The company also informed to stock exchanges by saying that “Pursuant to the Regulation 30 and other applicable regulations of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 we wish to inform you that the Board of Directors of the company at its meeting held today i.e. on November 25, 2022 has considered and approved the following businesses: –

1. Right Issue Size: – The committee has decided and fixed Rs. 2959.25 Lakhs as the Right Issue Size.

2. Right Shares: – 29,59,25,000 Equity Shares of Rs. 1/- Each.

3. Right Issue Price: – Rs. 1/- Per Equity Share (including a premium of Rs. Nil per equity share).

4. Terms of Payment: Rs. 0.90 (90 paise) per share on Application and Rs. 0.10 (10 paise) per share on subsequent calls as may be decided by the Board of Directors from time to time.

5. Right Entitlement Ratio: 25 (Twenty-Five) new Equity Share for every 3 (Three) existing shares held by the eligible shareholders as on the Record Date as mentioned below.

6. Fixed record date for the purpose of determining the shareholders who will be eligible to apply for the Issue as Friday, December 2, 2022 (Record Date);

7. The Rights Issue is proposed to open on December 9, 2022 and will close on December 23, 2022. The last date for on market renunciation will be December 16, 2022.”

The shares of Adcon Capital Services Ltd closed today at ₹1.94 apiece, up by 4.86% from the previous close of ₹1.85. This penny stock has appreciated 60.33% over the past five years and 96.50% over the past three years. The stock has climbed 86.54% over the past year, and on a year-to-date basis, it has gained 67.24% in 2022.