Stock Under Rs 200: A tobacco industry company with significant FII holding has announced fresh acquisitions following a fundraise announcement via QIP. The company — Elitecon International Ltd, with a market capitalisation of Rs 27,949.77 crore, said that it has acquired controlling stakes in two agro-based firms — Landsmill Agro Private and Sunbridge Agro.
“The primary objective of these acquisitions is to expand and strengthen FMCG business vertical,” it said.
Elitecon International mainly operates in the tobacco industry and manufactures tobacco-based products, including cigarettes, smoking mixture and others. It also deals in agro products and allied activities.
Rs 300 Cr QIP
Recently, the firm announced plans to raise Rs 300 crore by issuing equity shares through Qualified Institutional Placement (QIP). The funds raised will be utilised for expanding its FMCG portfolio.
Back-To-Back Lower Circuit
Meanwhile, the counter slipped 5 per cent to freeze at the day’s lower circuit of Rs 174.85. Today is the fifth straight session when the stock has hit the lower circuit.
According to BSE website, the smallcap stock has a PE greater than 50 for previous 4 trailing quarters. Besides, the stock is under the ASM Stage 4.
Stock Split
The smallcap stock was in news recently following the announcement of first-ever sub-division or stock split. The stock had taken effect in the ratio of 10:1 in June — meaning each share of Rs 10 face value was split into 10 new shares of Re 1 face value.
According to shareholding pattern of the company at the end of June 2025 quarter, promoters own majority stake at 59.50 per cent, followed by FIIs (38.26 per cent) and non-institutional investors (2.24 per cent).