Integra Essentia Limited, a penny stock specializing in life essentials such as food, clothing, infrastructure, and energy, recently hit a 2 percent upper circuit following the announcement of its rights issue of equity shares and the setting of the record date. With a market capitalization of Rs. 356 Crores, Integra Essentia’s shares traded at Rs. 3.89 per equity share, marking a 0.78 percent increase from the previous day’s closing price of Rs. 3.86.
The company’s Board of Directors approved the rights issue, which will offer equity shares with a face value of Rs. 1 each to eligible shareholders. The total amount raised will not exceed Rs. 50 Crores. Specifically, the company plans to issue 15,36,24,538 equity shares at a rights issue price of Rs. 3.25 per share, with a rights entitlement ratio of 20:119. This means shareholders will receive 20 equity shares for every 119 fully paid equity shares they hold as of the record date, set for Saturday, June 1, 2024.
Integra Essentia also secured its first work order from ITC group’s Agri Division to supply 500 MT of rice, valued at Rs. 1.42 Crores. The company is investing significantly in food essentials and aims to become a leading player in the food industry. Additionally, it focuses on supplying bulk and specialty materials and services for the nation’s infrastructure needs.
As part of its long-term growth strategy, Integra Essentia recently acquired the CHATEAU INDAGE Winery, enhancing its presence in the consumable goods supply chain. The company’s revenue from operations grew by 38.71 percent, rising from Rs. 67.27 Crores in Q4FY23 to Rs. 93.31 Crores in Q4FY24, with profits increasing from Rs. 1.86 Crores to Rs. 5.92 Crores.
