Raghav Productivity Enhancers share price: THIS industrial goods company's stock is up 40% - BIG BULL Rakesh Jhunjhunwala makes investment of Rs 30 cr

The other industrial goods company — Raghav Productivity Enhancers shares have touched an upper circuit of 5 per cent and new life high almost all the consecutive 8 sessions. The stock has jumped over 40 per cent since July 23, 2021 (8 sessions).

Earlier on July 23, 2021, the Raghav Productivity Enhancers reported around an eight-fold jump in the net profit to Rs 4.28 crore in Q1 FY22 as compared to Rs 0.58 crore in the same quarter year ago. While it posted almost double topline in Q1 to Rs 20.61 crore from Rs 9.07 crore in Q1FY21. 

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The scrip has lately come into focus, after an ace investor Rakesh Jhunjhunwala, who is also called the Big Bull of the Indian stock market, made an investment of Rs 30 crore through a preferential route.

As per the company’s filing to exchanges, “The Board of Directors in their meeting held on August 1, 2021, approved to issue Unsecured Compulsory Convertible Debentures (CCDs) for an amount of up to a maximum of Rs. 30,90,00,000 by way of a Preferential Allotment on Private Placement basis.”

The investor name, it mentions as Rakesh Jhunjhunwala and the number of CCDs allotted is up to 6,00,000, the release mentioned.

The company says these CCDs allotments are subject to the approval of shareholders at the ensuing general meeting and other necessary approvals. The Board approved the conversion price of equity share at the higher of Rs. 515 per share including the premium of Rs. 505 per share.

The statement also notifies that the board has also approved a virtual extraordinary general meeting on Wednesday, August 25 at its Jaipur office.