Latest news with #ExtraOrdinaryGeneralMeeting
Mint
17-07-2025
- Business
- Mint
Multibagger small-cap stock hits upper circuit despite rising 10,700% in one year. Do you own?
Elitecon International share price hit the upper circuit on Thursday, touching a new 52-week high amid sustained buying interest. The small-cap stock rose 5% to a fresh peak of ₹ 119.11 apiece on the BSE. 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.
India.com
29-06-2025
- Business
- India.com
Stock of THIS company in focus as company shares detail about new deal
शेयर बाजार भी पाकिस्तान से कई गुना बड़ा IT stock Blue Cloud Softech Solutions Ltd will be in focus on Monday as the company shared some information related to the new purchase with the exchanges. On Friday, the company's shares closed at ₹ 31.51 per share. Blue Cloud Softech Solutions Limited said that it is going to buy a global tech company named AIS Anywhere. For this, the company will issue about 31.68 crore new shares. The price of each share has been kept at around Rs 23. Blue Cloud said that this deal will not be done in cash but will be completed by exchanging shares for shares. This means that the owners of AIS Anywhere will get new shares of Blue Cloud. AIS Anywhere: Let us tell you that AIS Anywhere is a well-known global tech company. This company works in sectors like Artificial Intelligence (AI), Data Analytics, Cyber Security and Internet of Things (IoT). In the last three years, this company has done a business of more than $ 220 million. Blue Cloud said that around 14 crore shares will be given to AIS Anywhere's promoter Mrs. Janaki Yarlagadda. Whereas Siraj Holdings LLC will get around 17 crore shares. The company says that this will definitely change the shareholding pattern but there will be no change in control or management. The company has placed this proposal in the Extra Ordinary General Meeting (EGM) to be held on 10 July 2025. This deal will be completed only after getting the approval of the shareholders in this meeting. The company said that following the approval of shareholders, it will acquire 100% stake in AIS Anywhere and will become the holding company of AIS Anywhere. Blue Cloud's Statement: Blue Cloud said that this deal will give the company new strength in the digital sector. The company will be able to strengthen its hold in emerging sectors like artificial intelligence, data analytics, cyber security and IoT. This will further improve Blue Cloud's services and customers will get new facilities. This stock has given a return of 45 percent in the last one month. At the same time, the stock has fallen by 32 percent in the last 6 months and 72 percent in a year. However, the stock has given a return of more than 400 percent in five years.
