Circuit-to-circuit penny stock jumps despite volatile trend on Dalal Street
Penny Stock: KBC Global share price traded higher on Wednesday, snapping a four-day losing streak and recovering some ground from previous sessions. The penny stock rose as much as 2.22% to ₹0.46 apiece on the BSE, after touching a 52-week low of ₹0.44 earlier in the day.
KBC Global shares have been under pressure recently, hitting lower circuits over multiple sessions and declining 8% in the past week. However, the penny stock witnessed a volume surge of 1.58 times on April 29, briefly touching the upper circuit at ₹0.47. Prior to that, the stock hit lower circuits at ₹0.46 on April 25 and ₹0.48 on April 24.
The infrastructure and construction company, KBC Global recently made headlines after its board approved a significant equity fundraising initiative through its UK-based wholly owned subsidiary, Dharan International Limited (DIL).
Subsidiary Fundraising Plan
Dharan International announced plans to raise a total of £69.975 million (approximately ₹793.75 crore) through a strategic fundraising programme.
The initiative includes issuance of 64,175,000 equity shares of £1 each, amounting to £64.175 million, in one or more tranches to institutional investors. It also includes issuance of 58 convertible bonds, each worth £100,000, totaling £5.8 million.
The proceeds from this fundraising will be exclusively utilized to finance Dharan International’s participation in the Buchanan Port Integrated Industrial Development Project in Liberia — a flagship regional maritime and logistics hub being developed in collaboration with the Special Economic Zone Authority of the Republic of Liberia, KBC Global said in a regulatory filing on April 28.
KBC Global Share Price Trend
KBC Global share price has fallen 8% in one month and has declined 30% in three months. The penny stock has plunged 47% on a year-to-date (YTD) basis, while it has fallen 55% in one year.
At 2:45 PM, KBC Global share price was trading flat at ₹0.45 apiece on the BSE.
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