Bang Overseas, a textile company based in Mumbai, has announced a rights issue of Rs. 50 crore. The company’s share price has been experiencing a decline and reached Rs. 61.1 on Tuesday, with a decrease of 6.56% from the previous week. Over the past month, Bang Overseas has provided a return of 50% to its investors, and in the past year, the company’s shares have yielded a profit of 48% for its shareholders. The share price of the company has increased by 250% in the last three years. The company’s promoters hold a 72.98% stake in the company.
During the financial quarter of July-September 2023, Bang Overseas experienced a loss of Rs. 3.64 crore compared to the same period in the previous financial year. The company had generated revenue of Rs. 30.42 crore during this quarter. Bang Overseas’ shares are currently listed on the ESM platform, which is designed to protect companies with a market capitalization of less than Rs. 500 crore from excessive volatility. This new system aims to prevent share price manipulation and safeguard the interests of small investors. Bang Overseas primarily operates in the textile sector and also deals in men’s clothing. The company was established in 1992.
Rights Issue 28 November 2023
1. The total market capitalization of Bang Overseas is 90 crores INR.
2. In 2009, the company’s shares were trading at 275 INR.
3. However, the share price declined due to selling pressure and started experiencing a rapid decline.
4. Last week, on Thursday, the share of Bang Overseas closed at 68 INR with a 1% increase.
5. On Thursday, the Board of Directors of the company approved the rights issue.
6. Bang Overseas has announced a rights issue of 50 crores INR.
7. On Friday, 24 November 2023, the share of Bang Overseas closed at 65.30 INR, with a 4.53% decline.
8. On Tuesday, 28 November 2023, the share was trading at 61.1 INR, with a 6.56% decline.
9. The company’s shares have given a return of 50% to its investors in the past month.
10. In the past year, the company’s shares have provided a profit of 48% to its shareholders.
11. Over the past three years, the price of Bang Overseas’ shares has increased by 250%.
12. Promoters hold a 72.98% stake in the company.
13. In the July-September quarter of the financial year 2022-23, the company incurred a loss of 3.64 crores INR.
14. In the last financial year, Bang Overseas generated revenue of 28.37 crores INR.
15. In the current financial year, the company has collected revenue of 30.42 crores INR in the quarter.
16. Bang Overseas’ shares are currently listed on the ESM platform.
17. Companies with a market capitalization of less than 500 crores INR are listed on the ESM to protect them from excessive volatility in their shares.
18. The new system, called Enhanced Surveillance Measure (ESM), aims to prevent share price manipulation by market operators and protect the interests of small investors.
19. Bang Overseas is primarily engaged in the textile industry.
20. The company is headquartered in Mumbai and was established in 1992.
21. Bang Overseas also operates in the men’s clothing business.
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