Multibagger Stock Below Rs 100: A multibagger stock will be in focus on Monday when markets open as several resolutions backed by promoter have been rejected by shareholders. The company in the discussion has shared details about the same through an exchange filing.
The name of the smallcap company, which commands Rs 1,053.01 crore, is Eraaya Lifespaces.
As per a filing, a total of 9 out of 11 resolutions were rejected by the company shareholders. Among the resolutions that failed include change in the name of the company; appointment of key directors proposals allowing the board to undertake financial commitments, loans and investments. All the rejected resolutions failed to secure the 75 per cent approval required for special resolutions.
Eraaya Lifespaces is primarily involved in the business of digital marketing services. Besides, the company has a presence in the hospitality sector, offering services like food and beverage, lodging and event management.
On Friday, the counter closed 4 per cent lower at Rs 55.22. Going by BSE analytics, the smallcap stock has delivered a positive return of 32 per cent in the last one year. In two and three years, the counter has sprinted 5422 per cent 7262 per cent, respectively.
Back in December 2024, the company had declared a corporate action for the sub-division of face value. The stock split had taken effect in the ratio of 10:1, meaning each share of Rs 10 face value was split into 10 new shares of Re 1 each.
Earlier this year, the company had secured a 5-year contract from Karnataka State Road Transport Corporation (KSRTC) for the deployment of Automatic Fare Collection System (AFCS) on Android-based ticketing devices.
As per the December 2024 shareholding pattern, promoters own 35 per cent stake while FIIs have 22.63 per cent of the company's ownership.