The stock of this merchant banker has zoomed 226% in five weeks

Galactico Corporate Services hit a new high of Rs 249.65 and was locked in upper circuit of 5 per cent for 14 straight trading days.

Shares of Galactico Corporate Services hit a record high of Rs 249.65, up 5 per cent on the BSE in Wednesday’s trade, zooming over 200 per cent in the past five weeks.

The stock of this merchant banker was locked in upper circuit of 5 per cent for the 14 straight trading days. In the past two weeks, the market price of the company skyrocketed 226 per cent from Rs 76.65 that it had touched on April 27, 2022.

Galactico Corporate Services is engaged in investment banking and issue management activities. The company provides services to mid-cap, small and mid-size enterprise (SME) and startup segment in the form of corporate restructuring, main board and SME listings on stock exchanges, qualified institutional buyer (QIB) placement, corporate advisory for corporate actions such as open offer, buyback, delisting, amalgamation, demerger and providing corporate valuations or fairness opinion.

On May 15, 2022, the board approved sub-division of company's equity shares from face value of Rs 10 each to Re 1 a piece. The board also approved issue of bonus shares in the ratio of 3:10 i.e. three equity shares of Re 1 each for every 10 equity shares held in the company subject to shareholder’s approval.

Currently, the stock is classified in the T category and is only listed on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.

As on March 31, 2022, the promoters held 71.15 per cent stake in Galactico Corporate Services, while the remaining 28.85 per cent holding were with the individual shareholders. Data shows that the company has a total of 11.46 million outstanding shares.