Multibagger small-cap stock hits upper circuit despite rising 10,700% in one year. Do you own?
Notably, Elitecon International stock price has locked in the upper circuit in eighteen out of the last nineteen trading sessions, reflecting strong bullish momentum.
The latest gains in Elitecon International share price comes after the company announced that its board of directors have put on hold the proposed acquisition of Prime Place Spices Trading LLC.
Elitecon International board, at its meeting held on Wednesday, July 16, 2025, discussed the status of the proposed acquisition of 100% equity shares of Prime Place Spices Trading LLC from its sole shareholder Santosh Sharma, as previously approved.
'Based on the findings from the ongoing legal and financial due diligence process through the internal and external team, the Board has identified several critical gaps and unresolved concerns that materially impact the viability of the transaction,' Elitecon International said in a regulatory filing on July 16.
These include serious issues related to the integrity and verifiability of major key financial metrics, asset quality and supporting documentation, all of which are essential for a transaction of this nature, it added.
Despite multiple follow-ups, the company said the required information has not been satisfactorily provided.
'As a result, the Board has resolved to place the proposed acquisition on hold and the earlier signed Share Purchase Agreement along with related documents shall be considered null and void. The transaction may be reconsidered in the future upon receipt and satisfactory review of all necessary clarifications and supporting records,' said the company.
The deferment shall be effective immediately and shall stay in place until satisfactory and verifiable resolution or documents or information is submitted and evaluated, it added.
Consequently, the company has also cancelled the Extra Ordinary General Meeting (EGM) scheduled to be held on August 06, 2025, to seek approval from the members of the company for the said acquisition.
Moreover, the company's board has given a deadline of August 16, 2025, to the target entity to resolve and submit necessary explanations/ documents to the satisfaction of the Board in order to reinitiate the discussion regarding the acquisitions of the Target Company failing which the proposed transaction shall be deemed to be closed, it added.
Elitecon International share price has delivered exceptional returns across multiple timeframes. The small-cap stock has surged 107% over the past month and 208% in the last three months. Over a six-month period, Elitecon International shares have generated multibagger returns of 808%, while delivering a remarkable year-to-date (YTD) gain of 1,050%. Notably, the small-cap stock has skyrocketed 11,800% over the past five years.
At 12:50 PM, Elitecon International share price was still locked at 5% upper circuit of ₹ 119.11 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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