A share worth Rs 10 made a millionaire: Money doubled in just a few months, know which company's shares became a rocket…

The stock market seems to be gaining momentum. The upper short level of Nifty may end. If Nifty crosses 24000, it may enter a new rise. Meanwhile, there is also discussion about some penny stocks in the market.

On Friday, the share price of Shangar Decor closed at Rs 10.40. During this period, this share gained 2.60 percent. Microcap company Shangar Decor has announced to raise funds through rights issue.

The company provides various types of decor services and its shares are trading below Rs 11. Shares of Shangar Decor closed at Rs 10.32 with a rise of 2.60 per cent in Friday's trade.

The company has announced that it will issue 8,56,82,800 (8.56 crore) fully paid equity shares of face value Rs 5 each at a price of Rs 5.76, aggregating to Rs 49.35 crore.

The rights issue opened for subscription on 8 November and will close on 6 December. The last date for on-market relinquishment of rights entitlements is 29 November.

The funds raised through the rights issue will be used to finance working capital requirements, issue expenses, general corporate etc.

Shanghar Decor Rights Issue Ratio (Share Market)

The rights entitlement ratio has been set at 7:1, which means that for every 1 fully paid-up equity share held by equity shareholders on the record date – October 28, 7 rights equity shares of face value Rs 5 will be issued.

Investors who do not hold shares on the record date and wish to participate in the said corporate action can do so by obtaining rights entitlements from the exchange.