Vaishnavi Prakash
New Delhi [India] October 23: Siyaram Recycling Industries’ revealed that it had received a purchase order for 100 tonnes of brass billets from M/s. Al Qaryan International, Dubai, with a total value of USD 590000 (about Rs 5.00 crore).
Recently the Board of Directors of Siyaram Recycling Industries Limited at its meeting held, on Saturday, October 5, 2024 approved fundraising through preferential issue of 30,00,000 fully paid up equity shares of face value of Rs. 10/- each at an issue price of 118/- per equity share for an aggregate amount of up to Rs. 35.40 Cr.
Additionally, subject to shareholder approval, the Board of Directors approved raising the company’s authorised share capital from Rs. 20,00,00,000/-divided into 2,00,00,000 shares of Rs. 10/-to Rs. 25,00,00,000/-divided into 2,50,00,000 shares of Rs. 10/-. On Friday, October 18, shares of Siyaram Recycling Industries, a small and medium-sized organisation (SME) owned by Mukul Agrawal, surged 6% to reach an all-time high of Rs 168 per share.
Since their debut in December of last year, shares of Siyaram Recycling Industries have experienced tremendous growth. The price band for the company’s initial public offering (IPO), which took place last year between December 14 and December 18, was between Rs 43 and Rs 46 per share. Among Dalal Street’s multibagger stocks in 2024 is Siyaram Recycling Industries, which has gone up from Rs 64.80 to Rs 165.75 in the market, yielding a multibagger return of 155.79% YTD.
Since its debut, the firm has rewarded its initial public offering (IPO) investors with multibagger returns, as the stock has provided an incredible 260% return over its issue price when compared to the current market price. Professional investor Mukul Agarwal has holding in Siyaram Recycling Industries since he participated in the company’s preferential issue, which took place on October 5, 2024, and was granted 22,00,000.00 shares amounting to Rs 25,96,00,000.00.
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