Penny stock trading at 56% discount, board recommends 1:1 rights issue

The company said in a stock exchange filing that “This is in furtherance of our intimation on the outcome of the meeting of the Rights Issue Committee of the Board of Directors of the Company held on December 14, 2022, wherein the issue of Rs.2,32 has been approved. 01,892 Equity Shares of face value Rs. 5/- each at an issue price of Rs. 16.25/- per equity share, taking the total to Rs. 37,70,30,745/- (Rupees Thirty Seven Crore Seventy Lakh Thirty Seven Thousand Seven Hundred Forty Five Only) to be decided by the Board of Directors/Committee by way of rights issue in the ratio of full payment of 1 (one) to the existing equity shareholders of the Company Up Equity Share for every 1 (one) fully paid-up Equity Share held by the existing Shareholders on the Record Date (“Record Date”). In accordance with Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements), 2015, the record date for the purpose of determining the shareholders who will be eligible to apply for the rights issue will be Wednesday, the 11th January, 2023, as per the Directors decided by the Rights Issues Committee of the Board. It met today, i.e. Thursday, the 05th January, 2023.”

The opening date of the rights issue is January 20, 2023, the last date for leaving the market is January 25, 2023 and the closing date of the rights issue is January 31, 2023. The outstanding equity shares before the rights issue is 2,32,01,892 fully paid-up equity. Shares of face value of Rs. 5/- each and the outstanding Equity Shares after the Rights Issue (assuming full subscription) being 4,64,03,784 fully paid-up Equity Shares of face value of Rs. 5/- each. And the terms of payment are full amount of Rs. 16.25 per Equity Share is payable on application.

Shares of Jet Freight Logistics Ltd closed on Friday 20.35 each level, up 1.75% from the previous close 20. The stock recorded a total volume of 132,954 shares as compared to 20-day average volume of 159,538 shares. The stock has declined 19.09% in last five years and 34.35% during last year. The stock has declined by 19.72% during the last six months. In last 5 years, the stock has fallen 19.09%, and in last 1 year, the stock has fallen 34.35%. The stock has declined 19.72% in last 6 months. The stock touched a 52-week high 47.15 (24-Jan-2022) and at 52-week low 15.75 on (26-Dec-2022), indicating that at the current market price, the stock is trading 56.83% down from 1-year high and 29.20% up from 1-year low.