Realty stock hits 5% upper circuit after company’s promoter to offload 2.86% stake via OFS.
With a market capitalization of Rs 85.46 crores, the stocks of Krishna Ventures Limited started their trading session on Tuesday at Rs 78 and currently are locked at Rs 79.13 hitting the 5 percent upper circuit.
Such sharp movements in the company’s stock price were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated that “Ashva Energy Private Limited”, one of the Promoter group members of the company, proposed to offload around 3.09 lakh shares, viz, a 2.86 percent of the total paid-up share capital of the company.
The offer shall take place on a separate window of the Stock Exchange on 16th January 2024 for “Non-Retail Investors” and on 17th January 2024 for “Retail Investors”.
During the recent financial quarters, the company’s prime business indicators such as operating revenues and after-tax profits have shown underperformance.
he former reduced from Rs 72 lakhs during Q1FY23-24 to Rs 33 lakhs during Q2FY23-24, and the latter, during the same period, transitioned from profits of Rs 7 lakhs to a loss of Rs 27 lakhs.
As a result of the same, the profitability ratios of the company were reported at very low numbers, the return on capital employed (RoCE) was reported at 0.55 percent during FY22-23 and the return on equity (RoE), during the same period, turned negative to -0.31 percent.
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