Multibagger Defence Stock Hit Upper & 52-Week High: NSE granted listing approval for 1,42,50,000 preferential shares; total proceeds Rs 22,80,00,000 (conversion of warrants)

On Thursday, shares of Kavveri Defence & Wireless Technologies Limited were locked in a 5 per cent upper circuit to Rs 108.31 per share from its previous closing of Rs 103.16 per share. The stock also made a 52-week high of Rs 108.31 per share and its 52-week low is Rs 34 per share. The stock gave multibagger returns of over 200 per cent from its 52-week low is Rs 34 per share.

Kavveri Defence and Wireless Technologies Limited has received final listing approval from the National Stock Exchange of India (NSE) for 14,250,000 new equity shares. These shares, with a face value of ₹10 each, were issued to 22 allottees who had exercised their right to convert previously issued warrants into equity capital on a preferential basis. The new shares will be listed and admitted for trading on the exchange once the company confirms the depositories (NSDL/CDSL) that the shares have been successfully credited to the respective allottees' accounts.

Earlier, Kavveri Defence & Wireless Technologies Limited, through its North American subsidiary Til-Tek, secured a major global account with a leading US-based multinational company. Following a stringent technical evaluation, Til-Tek’s RF antenna products have been exclusively selected and embedded into the customer's network design framework for industrial and infrastructure solutions. This new engagement, which replaces a long-standing international provider, represents an initial revenue opportunity of USD 2 million (approximately Rs 17.3 crore). The partnership is expected to expand over time, positioning Kavveri as a comprehensive RF subsystem partner and highlighting its ability to deliver high-performance, technologically advanced products at a competitive price point.

About the Company

Kavveri Defence & Wireless Technologies Limited, a prominent player in the wireless technology domain, specialises in crafting cutting-edge hardware products and solutions for critical sectors such as defence, wireless communications, and space exploration. The company leverages its deep-rooted expertise and extensive experience to deliver state-of-the-art products and solutions that cater to the diverse needs of the wireless industry, encompassing a wide frequency range up to 18 GHz.

Kavveri's comprehensive product portfolio includes a wide array of components, such as antennas, RF components, filters, combiners, multi-couplers, repeaters, TMA/TMB modules, and more. Recently, Kavveri has made significant strides in the telecom sector by successfully designing and developing a novel dual-band panel antenna tailored for cellular networks in Australia, operating seamlessly in the 2 GHz and 3 GHz frequency bands. The company has a market cap of Rs 218 crore with promoters holding 15.14 per cent, FIIs owning 7.61 per cent, DIIs owning 0.01 per cent and the public owning 76.97 per cent.

sDisclaimer: The article is for informational purposes only and not investment advice.