Wardwizard in limelight
Wardwizard Innovations, manufacturers of electric two-wheeler ‘Joy E-bike’ is in the news. Firstly, the company plans to set up EV Ancillary in India which will be based in Vadodara, Gujarat and for that the promoters plan to begin buying 4 million sq.feet of land. This unit aims to eliminate the problems of raw materials supply for electric vehicle manufacturing by putting up units for making essential components like motor, battery, chassis, steel parts, chargers, controllers etc.
Secondly, it announced its rights issue terms - 59,62,373 Equity Shares for an amount aggregating upto Rs.49 crore (assuming full subscription) at a price of Rs.82 share. The ratio is 1:43 – one share for every 43 shares held. Record date is 22nd Jan and the issue opens on 31st Jan.
The stock price has shown a muted reaction. From its close of Rs.93.15, it opened slightly lower at Rs.93.05 and went up to an intraday high at Rs.97.20. Its 52-week high is at Rs.101.