MIC Electronics shares are one of the multibagger stocks the Indian stock market has delivered in recent years. This multibagger stock, a term commonly used in the financial industry to refer to stocks that have multiplied in value, has risen from around ₹20.55 to ₹53 apiece on NSE, recording over a 150 per cent rally in one year. The small-cap company is in the news for declaring a qualified institutional placement (QIP) issue at a floor price of ₹48.30 apiece. The floor price is the minimum price at which the shares can be sold during the QIP issue. The fact that the QIP issue is available at a premium of nearly 10 per cent against the current market price of MIC Electronics shares indicates that the company is confident in the future performance of its shares. MIC Electronics' share price today is around ₹53 per equity share.
MIC Electronics QIP Details
Informing the Indian stock exchanges about the QIP issue, MIC Electronics said, "We wish to inform you that after the approval accorded by the board of directors of the Company (the "Board"), at its meeting held on September 6, 2023, and the special resolution passed by the shareholders of the company through Postal Ballot on October 10, 2023, the Management Committee ("Committee") has at its meeting held today i.e. June 12, 2024, among other things, passed resolutions for the following:
A) Approved and adopted the preliminary placement document dated June 12, 2024 together with the application form in connection with the Issue ("Preliminary Placement Document");
B) Authorized the opening of the Issue today, i.e. Wednesday, June 12, 2024
C) Approved the floor price of the Issue, being Rs. 48.30/- per equity share ("Floor Price") based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations.
MIC Electronics' Share Price History
As mentioned above, MIC Electronics shares are one of the multibagger stocks delivered by the Indian stock market. In TD time, which refers to the time period from the beginning of the trading day to the current time, this small-cap multibagger stock has surged from ₹33.80 to ₹53 per share, logging over a 55 per cent rise in 2024. In the last six months, this small-cap stock has rallied from 36.25 to ₹53 per share, registering around 45 per cent rise in this period. In one year, this multibagger stock has delivered over 150 per cent returns to its long-term shareholders, also known as positional shareholders. In FY24, this multibagger stock delivered stellar returns to its shareholders as it rallied from ₹18 (March 31, 2023) to ₹53, recording around 200 per cent rise in nearly 14 months.
As a mainboard stock, this small-cap multibagger stock is available for trade on BSE and NSE, providing a wide platform for investors. Its current trade volume on NSE is 6.30 lakh, and around one hour of trade is still left on Thursday, indicating a healthy trading activity. The small-cap stock boasts a market cap of ₹1,167 crore, a testament to its growing popularity and value. Its 52-week high is ₹59.80 per share, and its 52-week low is ₹20.55 per share, providing a comprehensive view of its trading range over the past year.
