Motisons Jewellers Ltd, a small-cap company in the consumer discretionary sector, has announced plans to boost its business growth. The company’s Board of Directors is set to meet soon to discuss raising funds to strengthen its financial resources.
In a recent notification to stock exchanges, Motisons Jewellers stated, “In terms of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform you that a meeting of the Board of Directors of Motisons Jewellers Limited is scheduled for Wednesday, August 14, 2024.” The meeting will focus on several key issues:
Fundraising Proposal: The Board will consider raising funds to enhance the company’s financial resources. This may involve the issuance of equity shares, convertible instruments, or other securities through one or more tranches, subject to necessary regulatory and shareholder approvals.
Increase in Authorized Share Capital: The Board will also discuss increasing the Authorized Share Capital of the company, which will require amendments to the Capital Clause of the Memorandum of Association.
Appointment of Intermediaries: If necessary, the Board will appoint intermediaries to facilitate these processes and address any related matters.
Motisons Jewellers further informed that, in accordance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, and the company’s Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the company’s securities will be closed for all designated persons and their immediate relatives from Saturday, August 10, 2024, until 48 hours after the conclusion of the Board meeting on Friday, August 16, 2024.
Financially, Motisons Jewellers has shown strong performance. The company’s net profit increased by 15.51%, reaching Rs 6.33 crore in the quarter ending June 2024, up from Rs 5.48 crore in the same quarter of the previous year. Sales in Q1FY25 also saw a 2.28% rise, totaling Rs 88.71 crore compared to Rs 86.73 crore in Q1FY24.
Motisons Jewellers Limited launched its Initial Public Offering (IPO) in December 2023. The IPO, priced between Rs 52 and Rs 55 per equity share, successfully raised Rs 151.09 crore. Following the IPO, the company’s shares were listed on the BSE and NSE on December 26, 2023, debuting at a premium of over 100%. Currently, the share price is around Rs 172, offering shareholders a return of more than 200% compared to the initial issue price.