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NHC Foods jumps 5% to ₹2.05 after board approves warrant issue
The board also cleared a capital raise by expanding authorised share capital to ₹2,000 crore and appointed Pradeep Agarwal as CFO effective 1 September.
NHC Foods, a penny stock trading under ₹5, rose 5% to its upper circuit of ₹2.05 on the BSE on Wednesday, 26 August, even as market sentiment remained weak, according to LiveMint Markets.
The stock’s climb extends across 15 straight sessions, during which it has nearly doubled, after the company’s board approved changes to its capital structure and a proposed preferential issuance.
In an exchange filing dated 25 August, NHC Foods said its board approved an increase in existing authorised share capital from ₹100 crore of ₹1 each to ₹2,000 crore of ₹1 each, along with the issuance, offer, and allotment of up to 25.60 crore convertible warrants on a preferential basis to non-promoters.
The company also approved the conversion of 19 FCCBs with a principal value aggregating $19,00,000 into 18,18,79,020 fully paid-up equity shares at a conversion price of ₹1 per share, raising paid-up equity share capital to ₹94,38,06,060, while 240 FCCBs remain outstanding.
Separately, NHC Foods announced the appointment of Pradeep Agarwal as its chief financial officer effective 1 September. LiveMint Markets also noted the shares have returned 130% year-to-date and gained 153% over the past six months.