Penny stock rallies 200% in 1 year, company announces expansion plans

The company said on Thursday in a stock exchange filing that “With reference to the subject cited, this is to inform that the Board of Directors of Filatex Fashions Limited in their meeting held on Thursday, 20.10.2022 at the Registered Office of the Company at My Fair Gardens, 8-2-682/3/A & 3B Flat No 201, 2nd Floor, Road No 12, Banjara Hills, Hyderabad — 500034, Telangana, pursuant to the recommendations of the Audit Committee and subject to the approval of shareholders and/or other regulatory / statutory approvals has approved as follows: 1) Approved the Raising of funds through issuance of unsecured and/or secured, listed and/or unlisted, Foreign Currency Convertible Bonds (FCCBs) or other similar security denominated in foreign currency(ies) or combination thereof in one or more tranches for an aggregate amount not exceeding USD 100 mn (equivalent currency) on private placement basis or otherwise. Authorised the Managing Director to appoint necessary Intermediaries including Merchant Bankers, Advisors, Consultants, Advocates, Registrars, Bankers and such other agencies as may be required for making the issue of FCCB’s. The Board further authorized the Managing Director to finalize all the terms including the purpose, Tenor and all other terms and conditions of FCCB’s as may be required. 2) Approved to expand and strengthen the existing Business in the manufacture of premium quality socks by capacity enhancement/ further moderization/in any other manner and expansion into production of other garments and allied products as may be feasible, and 3. Approved to diversify its business into various other infrastructural facilities including mining activity.”

Today’s closing price for Filatex Fashions Ltd. shares was Rs. 15.50 per share, a decline of 1.46% from the previous close of Rs. 15.73. The stock has produced a multibagger return of 339.09% over the past five years, and a multibagger return of 463.64% during the past three years. The stock has produced a multibagger return of 200.97% over the last year, and on a year-to-date basis in 2022, it has produced a multibagger return of 114.68%. The stock has climbed by 127.94% over the past six months and by 69.03% over the past month. The stock has dropped 1.90% during the past five trading sessions.