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Multibagger stock hits 5% upper circuit, stock split, bonus shares issue ahead

With a market worth of Rs. 635.48 Cr., Rhetan TMT Ltd. is a small-cap company that operates in the capital goods industry. On January 26, 1984, Rhetan Rolling Mills Private Limited, a company with its headquarter in Ahmedabad, Gujarat, was established. The company is actively involved in producing high quality TMT bars that adhere to ISI Regulations.

The company has said today in a stock exchange filing that “Pursuant to Regulation 29 other applicable Regulations, if any, of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that the meeting of the Board of Directors of the Company will be held on Wednesday, 21st December, 2022 at the Registered Office of the Company, inter alia, to consider following business: 1) To consider a proposal for sub-division / split of the Equity shares of the Company having a face value of Rs. 10/- each, subject to such regulatory/ statutory approvals as may be required, including the approval of the shareholders of the Company. 2) To consider increase in Authorized Share Capital of the Company. 3) To consider consequential amendment to the capital clause of Memorandum of Association of Company and Articles of Association, if any. 4) To consider Issue of Bonus Shares to the shareholders of the Company.”

They further added that “In compliance to the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018, we hereby inform you that the trading window for dealing in securities of the company has been closed for the designated person and their immediate relatives, from today i.e. 5th December, 2022 till 48 hours from conclusion of proposed board meeting to be held on 21st December, 2022.”

The shares of Rhetan TMT Ltd hit 5% upper circuit limit today and closed at 299.05. On a YTD basis, the stock has generated a multibagger return of 349.70% since the IPO listing date of September 5, 2022. In the last 1 month, the stock has generated a multibagger return of 115.92% and in the last 5 trading sessions, the stock has gained 27.26%.

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Read More: Multibagger stock hits 5% upper circuit, stock split, bonus shares issue ahead

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