20% Upper Circuit: Stock Skyrockets After Receiving NSE and BSE Approval to Raise Funds

SYNOPSIS: The company has received in-principle approvals from NSE and BSE for a proposed Rs. 15 crore rights issue of equity shares, subject to regulatory compliances and completion of listing and statutory requirements.

During Friday’s trading session, shares of a company involved in financial activities and other related services hit a 20 percent upper circuit on the stock exchanges, after the company received in-principle approval from NSE and BSE for a fund raise via rights issue.

With a market cap of Rs. 144.3 crores, shares of Maha Rashtra Apex Corporation Limited hit a 20 percent upper circuit at Rs. 102 on BSE, as against its previous closing price of Rs. 85. The stock has delivered negative returns of around 8 percent in the last one year, but has gained by over 4 percent in the last one month.

News

According to the latest disclosures from the stock exchanges, Maha Rashtra Apex Corporation Limited has received in-principle approval from both the NSE and BSE Limited for its proposed rights issue of fully paid equity shares with a face value of Rs. 10 each. The approvals were granted through letters dated 4th March 2026 (BSE) and 5th March 2026 (NSE). This follows the company’s earlier communication dated 20th December 2025, in which it had informed about its application to the stock exchanges seeking approval for the proposed rights issue.

Under the proposed plan, the company intends to raise up to Rs. 15 crore through a rights issue offered to existing shareholders on a proportionate basis. Eligible shareholders will be able to subscribe to equity shares for cash at a specified issue price per share, including a premium component, in the ratio of rights shares allotted for every specified number of shares held on the record date.

The in-principle approval granted by the exchanges is subject to the company meeting several regulatory conditions. For the purpose of issuing right securities, a record date will be fixed by the company, for which at least three working days’ advance notice will be given to the Exchange.

Financials

Maha Rashtra Apex Corp reported a decline in revenue from operations, experiencing a year-on-year decrease of around 60 percent, from Rs. 5.86 crores in Q3 FY25 to Rs. 2.32 crores in Q3 FY26. Likewise, its net profit declined during the same period from Rs. 5.7 crores to Rs. 1.8 crores, representing a fall of more than 68 percent YoY.

Maha Rashtra Apex Corporation Limited is engaged in the business of hire purchase and leasing. Presently, the company has discontinued the operation and concentrated on the recovery of hire purchase and leasing business. 

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