Board of Directors of Mumbai-based Mayukh Dealtrade Limited, a BSE listed firm (BSE: 539519) engaged in manufacturing of various kinds of burners has approved the proposal for raising funds up to Rs. 49 crores through issue of Equity Shares by Right Issue to the eligible shareholders of the company on August 30, 2024. The board has also authorized to Managing Director and CFO to appoint consultants and start the process of right issue.
The board also approved the proposal 5-for-1 stock split. The board discussed and approved the proposal of Sub-division of 1 equity share of face value of Rs. 5 into 5 equity shares of face value of Rs. 1 fully paid-up equity share, subject to the shareholders’ approval in General meeting of the company.
The board also discussed and approved the proposal of increase in the authorized share capital from Rs. 30 crore divided into 30 crore equity shares of Rs. 1 to Rs. 63 crore divided into 63 crore equity shares of Rs. 1 each by creation of additional 33 crore equity shares of Rs. 1 each, subject to the shareholders’ approval in General meeting of the company.
Company recently announced robust financial results for the quarter ended on 30th June, 2024. For the Q1FY25, the company has reported a net profit of Rs. 33.77 lakh, a sharp increase of 327.46% compared to Rs. 7.90 lakh net profit reported in the same period previous financial year. Company’s income from operation were reported at Rs. 69.59 lakh in Q1FY25, increased from Rs. 58.69 lakh in Q1FY24, an increase of 18.57%.
Additionally, the Board considered changing the company name to the proposed “Sattva Sukun Lifecare Limited” or any other name available through the ROC/MCA. The Managing Director has been authorized to apply for name reservation. The final approval will be subject to shareholder approval at the upcoming AGM.