Multibagger stock MIC Electronics declares QIP issue at 10% premium. Details here

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MIC Electronics shares, a term commonly used in the financial industry to refer to stocks that have multiplied in value, are one of the multibagger stocks the Indian stock market has delivered in recent years. This multibagger stock has risen from around 20.55 to 53 apiece on NSE, recording over 150 percent rally in one year. The small-cap company is in the news for declaring a QIP issue at a floor price of 48.30 apiece. The floor price is the minimum price at which the shares can be sold during the QIP issue. The fact that the QIP issue is available at a premium of nearly 10 percent against the current market price of MIC Electronics shares indicates that the company is confident in the future performance of its shares. MIC Electronics share price today is around 53 per equity share.

MIC Electronics QIP details

Informing the Indian stock market exchanges about the QIP issue, MIC Electronics said, “We wish to inform you that after the approval accorded by the board of directors of the Company (the “Board”), at its meeting held on September 6, 2023, and the special resolution passed by the shareholders of the Company through Postal Ballot on October 10, 2023, the Management Committee (“Committee”) has at its meeting held today i.e. June 12, 2024, among other things, passed resolutions for the following: a) Approved and adopted the preliminary placement document dated June 12, 2024 together with the application form in connection with the Issue (“Preliminary Placement Document”); b) Authorised the opening of the Issue today, i.e. Wednesday, June 12, 2024; and c) Approved the floor price of the Issue, being Rs. 48.30/- per equity share (“Floor Price”) based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations.”

Also Read: FMCG stock jumps 18% after promoter stake buy news. Experts see more upside

MIC Electronics share price history

As mentioned above, MIC Electronics shares are one of the multibagger stocks delivered by the Indian stock market. In TD time, which refers to the time period from the beginning of the trading day to the current time, this small-cap multibagger stock has surged from 33.80 to 53 per share, logging over 55 percent rise in 2024. In the last six months, this small-cap stock has rallied from 36.25 to 53 per share, registering around 45 percent rise in this period. In one year, this multibagger stock has delivered over 150 percent returns to its long-term shareholders, also known as positional shareholders. In FY24, this multibager stock has delivered stellar return to its shareholders as it rallied from 18 (March 31, 2023) to 53, recording around 200 percent rise in near 14 months.

As a mainboard stock, this small-cap multibagger stock is available for trade on BSE and NSE, providing a wide platform for investors. Its current trade volume on NSE is 6.30 lakh, and around one hour of trade is still left on Thursday, indicating a healthy trading activity. The small-cap stock boasts a market cap of 1,167 crore, a testament to its growing popularity and value. Its 52-week high is 59.80 per share, and its 52-week low is 20.55 per share, providing a comprehensive view of its trading range over the past year.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 13 Jun 2024, 02:52 PM IST

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