Multibagger Textile Stock With 600% Returns in 3 years: Board Approves 1:1 bonus issue – News18

Shares of Integra Essentia Ltd closed more than 6% higher on November 28 a day after the company’s board approved bonus issue in 1:1 ratio. The stock had surged nearly 8% to hit a high of Rs 7.72 per share in intraday trade on Tuesday before closing at Rs 7.47 apiece, up 6.41%, on BSE.

The board of directors of the company at its meeting held on Monday, November 27, approved the bonus issue in 1:1 ratio. This means, the existing shareholders will receive one equity share of Re 1 each for each share they hold as on the record date, subject to the regulatory and shareholder approvals. The company will decide the record date late, according to a stock exchange notification.

The multibagger stock has given significant returns to investors in recent months. The stock has surged more than 40% in the last three months and 31% in the last month. This year so far in 2023, the stock has gained 8%. The investors have received a whopping 600% return in the last three years.

Integra Essentia is a leading player in the fields of agro products and textiles. The company informed the bourses that the bonus shares will be credited within two months to the accounts of the eligible shareholders within two months from the date on which the board approved the bonus issue.

The company’s board also approved fund raising of an aggregate amount of Rs 100 crore through preferential allotment, QIP’s, ADR, GDR, FCCB or any other method or combination thereof including series of right issue(s) with each tranche not exceeding Rs 50 crore.

Recently, the company announced that its agro-business arm bagged advance orders worth Rs 15 crore from Sarveshwar Foods Ltd and its subsidiary Himalayan Bio Organic Foods.

Both entities belong to the Jammu-based Sarveshwar Group. With this, the company has now formed a long-term relationship with this group. It aims to supply agro-products worth Rs 90 crore per year to the Sarveshwar Group.