In a recent development, a penny stock priced under Rs 2 has approved the issuance of 7000 Non-Convertible Debentures (NCDs) to raise a whopping Rs 70,00,00,000. The scrip of this stock has hit the upper circuit following this news.
This move by the company aims to raise substantial funds through the issuance of NCDs. The approval of 7000 NCDs indicates a significant capital infusion into the company. The decision to issue NCDs can be seen as a strategic move by the company to strengthen its financial position and fuel its growth prospects.
As a result of this announcement, the scrip of the penny stock has witnessed a surge and is currently trading at the upper circuit. This indicates a positive investor sentiment and confidence in the company’s future prospects.
Overall, the approval of 7000 NCDs to raise Rs 70,00,00,000 by the penny stock priced under Rs 2 is a significant development that highlights the company’s efforts to raise capital and enhance its financial standing. Investors are closely monitoring the stock as it continues to trade at the upper circuit.