Multibagger Stocks in India: Rajnish Retail Announces 1:5 Stock Split After 300% Rally in 2024
Rajnish Retail Ltd has announced a stock split following a remarkable 300% rally over the past year. This decision was made during a board meeting held on Monday and is pending approval from the company’s shareholders. The record date for the stock split will be decided later. The company has informed the stock exchange about this development.
Stock Split Details
Rajnish Retail Ltd announced the stock split, stating, “The company has approved the subdivision of shares in the ratio of 1:5, subject to approval from the members and other regulatory bodies. The record date will be communicated to the stock exchanges after receiving member approval.”
In a press release, the company added, “Rajnish Retail Ltd. (BSE: 530525) has approved the subdivision of 1 equity share into five equity shares, subject to approval from the members and other regulatory/statutory approvals. The board will decide the record date for the subdivision of equity shares and inform the stock exchanges after receiving member approval.”
The board also approved issuing up to 690,000 convertible warrants at a price to be decided by the Preferential Issue Committee. These will be offered to promoters and non-promoters through a preferential issue, pending shareholder and regulatory approval.
Strategic Business Expansion
Rajnish Retail Ltd has recently diversified by entering the beauty and wellness industry with a new salon. This strategic move aims to tap into a growing market and diversify the business. Urban Salon, a brand of Rajnish Retail Limited, has opened a new shop in Evershine Nagar, Malad District of Mumbai. This salon, equipped with modern amenities and experienced professionals, is expected to contribute to the company’s revenue.
Rajnish Retail Share Price History
Rajnish Retail shares have performed exceptionally well in the Indian stock market. The small-cap stock has jumped from ₹21 to ₹87.40 per share in one year, marking a 300% increase. Over the last five years, this multibagger stock has soared by 12,000%, highlighting the company’s consistent growth and future potential.
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