Penny Stock Under Re 1: Srestha Finvest in Focus as Board Sets Fundraise Meeting Amid Stock Surge

Srestha Finvest, a penny stock priced under Re 1, will be in the spotlight on Monday as its board has scheduled a meeting for 9th October 2024 to discuss a potential fundraise. The company, which is listed on the BSE, informed the stock market about this decision. Despite a generally weak Indian stock market, Srestha Finvest saw a 5% upper circuit on Friday.

According to a statement from the Non-Banking Financial Company (NBFC), “The board meeting will be held on 9th October 2024 to consider and approve raising funds in one or more tranches, as per legal requirements.” This meeting could mark the third major decision for the company this year.

Srestha Finvest was in the news last month for a stock split in a 1:2 ratio, with the record date set for 23rd September 2024. Earlier in June, the company also issued rights to its eligible shareholders. The stock has been trending upwards recently, hitting the upper circuit on all four sessions last week, with an 18.50% gain over five days.

After adjusting for the stock split, the penny stock has delivered a 40% return for its investors this year and a 45% return over the past year. Srestha Finvest, which trades only on the BSE, currently has a market cap of ₹145 crore and saw a trade volume of 2.16 crore shares on Friday. Its 52-week high stands at ₹1.28, while its 52-week low is ₹0.49.