Multibagger stock to mull stock split, share rallies over 600% in 1 year

The company has said in a stock exchange filing that “the Members of Karnavati Finance Limited (“the Company”) is scheduled to be held on Monday, January 30, 2023, at 01.00 P.M. at registered office of the Company situated at 705, Palm Spring Centre, Above Croma, Near New Infinity Mall, Link Road, Malad (West), Mumbai – 400064, Maharashtra to transact the following businesses: pursuant to the provision of Section 61, 64 and all other applicable provisions, if any, of the Companies Act, 2013 and Rules framed thereunder (including any statutory modification or re-enactment thereof, for the time being in force) and the provisions of Memorandum of Association and Articles of Association of the Company and subject to such other approval(s), consent(s), permission(s) and sanction(s), if any, as may be necessary from the appropriate authority(ies) or body(ies), the consent of the members of the Company be and is hereby accorded for the sub-division of the equity shares of the Company, such that each equity share having a face value of ₹10/- (Rupees ten only) each be sub-divided into 10 (Ten) equity shares having a face value of ₹1/- (Rupees one only) each fully paid up (“Sub-division”).”

They further added that “pursuant to the sub-division of the equity shares of the Company, all the Authorised, issued, subscribed and paid up equity shares of face value of ₹10/- (Rupees ten only) each of the Company existing on the record date to be fixed by the Company shall stand sub-divided into equity shares of face value of ₹1/- (Rupees one only) each. Upon sub-division of equity shares as aforesaid, the existing share certificate(s) in relation to the existing equity shares of the nominal value of ₹10/- (Rupees ten only) each held in the electronic and physical form shall be deemed to have been automatically cancelled and be of no effect on and from the Record Date (to be declared by the Board of Directors) and the Company may without requiring the surrender of existing share certificate(s) directly issue and dispatch the new share certificate(s) of the company, in lieu thereof, subject to the provisions of the Companies (Share Capital and Debentures) Rules, 2014 and in the case of members who hold the equity shares / opt to receive the sub-divided equity shares in dematerialised form, the subdivided equity shares of nominal value of ₹1/- (Rupee one only) each shall be credited to the respective beneficiary account of the members with their respective depository participants and the Company shall undertake such corporate actions as may be necessary in relation to the existing equity shares of the Company.”

The shares of Karnavati Finance Ltd closed on the BSE at ₹176.00 apiece level, up by 0.57% from the previous close of ₹175.00. The stock recorded a total volume of 5,990 shares. The stock has produced a multibagger return over the past five years of 528.57% and a multibagger return over the past year of 689.24%. The stock has produced a multibagger return of 529.70% during the past six months, and it has appreciated by 18.40% over the past month. The stock had touched a 52-week-high of ₹178.00 on (05/01/2023) and a 52-week-low of ₹14.15 on (05/04/2022).