Senco Gold Share Price Hit 52-Week High of ₹1,544.00; Plans ₹500 Crore Fundraising

On October 4, 2024, Senco Gold informed the exchanges that the Board of Directors convened a meeting to discuss significant corporate decisions impacting the company’s growth trajectory. Among the key resolutions approved during the meeting were the following:

1. Fundraising through Equity Shares: The Board approved raising funds by issuing Equity Shares and/or securities convertible into Equity Shares at the company’s discretion. The total amount targeted for this initiative is not to exceed ₹500 crore. This fundraising will occur via a Qualified Institutional Placement (QIP) or other permitted methods as stipulated by applicable laws, and it may take place in one or more tranches. The successful implementation of this plan is contingent upon obtaining approval from shareholders and any necessary regulatory or statutory permissions.
2. Sub-Division of Equity Shares: The Board also approved the sub-division/split of one equity share, having a face value of ₹10, into two equity shares with a face value of ₹5 each. This alteration will involve changes to the capital clause in the company’s Memorandum of Association and Articles of Association, again subject to shareholder and regulatory approvals. The record date for this sub-division will be determined after receiving shareholder approval and will be communicated in due course.
3. Shareholder Approval Process: To finalise these resolutions and related actions, Senco Gold will seek shareholder approval through a postal ballot process.

On October 7, 2024, Senco Gold’s share price opened at ₹1,429.70, a notable increase from the previous close of ₹1,395.10. The stock price was trading at ₹1,414.35, marking an increase of 1.38% as of 11:36 AM on the NSE. Senco Gold’s share price touched its 52-week high at ₹1,544.00 on Monday. 

About Senco Gold Limited

Senco Gold Limited is a jewellery retailer with a national presence and holds the title of the largest organized jewellery retail player in Eastern India, based on the number of stores.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.