Multibagger stock declares 1:5 stock split after 300% rally in one year

Stock split 2024: In a significant move, the board of directors of Rajnish Retail Ltd has declared a stock split in its board meeting held on Monday. This decision, however, is subject to approval by the company shareholders. The record date for the stock split will be decided later. The company has promptly informed about this development in its latest exchange filing.

Stock split details

Rajnish Retail Ltd informed the Indian stock market’s bourses about the stock split, saying, “The Company has approved sub-division of shares in the ratio of 1:5 subject to the approval of the members of the company and other regulatory approvals. The record date will be intimated to the stock exchanges after receiving the members’ approval.”

The company also shared a press release saying, “Rajnish Retail Ltd. (BSE: 530525) has announced that its board has approved Sub-Division/Split of 1 Equity Share into five equity shares, subject to the approval of the Members of the Company and other regulatory/statutory approvals as may be required. The board shall decide the record date for the subdivision of equity shares and will inform the stock exchanges after receipt of approval from the members.”

The board further approved the offer, issue, and allotment of up to 690,000 convertible warrants, each convertible at an issue price that may be decided by the Preferential Issue Committee, to promoters and/or non-promoters through the preferential issue, subject to the approval of the shareholders and other authorities under applicable laws.

Strategic Business Expansion: Rajnish Retail Ltd has recently diversified its portfolio by venturing into the beauty and wellness industry with the launch of a new salon. This strategic move is aimed at capitalizing on a growing market and diversifying our business. Urban Salon, a brand of Rajnish Retail Limited, has opened a new shop in Evershine Nagar, Malad District of Mumbai. The salon is expected to contribute to our overall revenue and is equipped with state-of-the-art amenities and staffed by experienced professionals committed to delivering exceptional service. We have conducted a thorough market analysis and believe that our competitive advantage lies in [specific competitive advantage].

Rajnish Retail share price history

Rajnish Retail shares have been a success story in the Indian stock market in recent years. The small-cap stock has risen from 21 to 87.40 per share mark, recording more than a 300 percent rise in one year. This multibagger stock has risen 12,000 percent in the last five years, a testament to our consistent growth and potential for future success.

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Published: 04 Jun 2024, 02:03 PM IST

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