LIC-backed penny stock under Rs 50: Board approves preferential allotment of 35 cr warrants – ET Now

LIC-backed penny stock under Rs 50: Board approves preferential allotment of 35 crore warrants

A penny stock under Rs 50, which is backed by LIC, has recently received approval from its board for a preferential allotment of 35 crore warrants. This move is aimed at strengthening the company’s financial position and attracting potential investors.

The decision to issue warrants through preferential allotment signifies the company’s confidence in its growth prospects and its ability to generate returns for its shareholders. This strategic move is expected to enhance the company’s capital base and provide it with the necessary resources to pursue its expansion plans.

Investors in the stock market are keeping a close eye on this development, as it could potentially lead to increased interest in the company’s shares. The preferential allotment of warrants is seen as a positive step towards boosting the company’s market value and attracting new investors who are looking for promising opportunities in the stock market.

Overall, the approval of preferential allotment of 35 crore warrants by the board of this LIC-backed penny stock under Rs 50 reflects the company’s commitment to its growth trajectory and its efforts to create value for its shareholders.