Multibagger Penny Stock Below Rs 10: Company to Raise Rs 99 crore via Qualified Institutions Placement (QIP)

Tirupati Tyres Ltd. announced that its Board of Directors at the company's registered office in Mumbai to approve raising funds up to Rs 99 crore through a Qualified Institutions Placement (QIP) of equity shares. This issuance will occur in one or more tranches, subject to the necessary approvals from shareholders via postal ballot and relevant regulatory bodies, including compliance with the Companies Act, 2013 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The Board also approved all related actions for this fundraising initiative.

Tirupati Tyres Ltd., established in 1988 and based in India, operates as a retailer of a comprehensive range of automobile parts, with a primary focus on tires and tubes. Their extensive product portfolio caters to a diverse spectrum of vehicles, including two-wheelers like cycles, bicycles, tricycles, mopeds, scooters and motorcycles, as well as automobiles such as auto rickshaws, tractors, trucks and buses. Notably, their offerings include specific tire models like MRF Nylogrip Plus for two-wheelers, Bridgestone S248 for automobiles and specialised tires for agricultural tractors, alongside other products such as car tires and LCV automotive tires, indicating a broad reach within the Indian transportation sector.

Talking about the financials, Tirupati Tyres has a market cap of Rs 73 crore. In FY25, the company reported net salesh of Rs 10.99 crore and net profit of Rs 1 crore. The stock is up by 19.1 per cent from its 52-week low of Rs 8.36 per share and has given multibagger returns of over 500 per cent in 5 years.

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