Mishtann Foods rights issue dates extended

In a recent update, Mishtann Foods Ltd’s Rights Issue Committee, appointed by the Board of Directors, has decided to extend the deadline for the rights issue offer period. Originally set to close on April 16, 2024, it’s now extended to April 18, 2024. This means shareholders have until April 18 to participate. The rights issue started on April 2, 2024, and the last date for market renunciation is April 12, 2024. This extension gives shareholders more time to benefit from the rights issue opportunity.

The company is offering its current shareholders the chance to purchase new equity shares for Rs 15 each, totalling Rs 49,81,93,545. This offer called a rights issue, grants shareholders one new share for every 31 shares they currently own. The issue price includes a premium of Rs 14 per share, making it fifteen times the face value of the shares. Shareholders as of March 20, 2024, are eligible to participate.

Established in 1981, Mishtann Foods Ltd processes, packages, and sells various food products like Basmati rice, wheat, pulses, and salt. They offer both branded and unbranded options, with “Pristino” and “Snowflake” being their prominent Basmati rice brands. Their processing plant in Himatnagar, Gujarat, has a high capacity, and they have a strong distribution network reaching over 70,000 retailers through 15 super stockists. They also have a significant presence in the hotel and restaurant industry.

Change in Shareholding Patterns (Q3 YoY basis)

In the third quarter of the financial year 2024, there was a shift in the ownership of Mishtann Foods Ltd compared to the same period last year. The promoters’ stake slightly increased from 49.77% to 49.82%. Foreign Institutional Investors (FIIs) started showing interest, with their stake growing from 0.00% to 2.23%. On the other hand, the public’s ownership decreased from 50.23% to 47.95%.

Multibagger Returns

Mishtann Foods Ltd., a company in the food processing sector, has shown remarkable growth in its stock performance over the past year, gifting a multibagger return of 149.32% to its investors. Over three years, its stock has surged by an astonishing 715.85%, reflecting strong market confidence.

Technical Outlook

On the weekly chart, Mishtann Food Ltd is in a strong uptrend with higher volumes on green days showing investors’ and traders’ confidence. The stock price just bounced from the trendline in conjunction with the 20-day EMA and currently faces selling pressure amid profit booking on last week’s move. The Relative Strength Index (RSI) is trading near the 60 mark, indicating bullish strength to continue the current uptrend. Price closing below the trendline may cause the stock to enter a bearish or sideways trend. Traders can keep watch on the price of Mishtann Food Ltd for better opportunities.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.