Multibagger find: Ajay Devgn invests ₹2.7 crore in this midcap stock that has gained over 800% in 1 year

Panorama Studios International, a film production company, has received more than ₹2 crore investment from renowned Bollywood actor Ajay Devgn.

Known for blockbusters like Singham franchisees, Devgn has bought 1 lakh equity shares of the smallcap company by participating in its preferential issue of shares. 

Panorama Studios International had recently launched a preferential issue of 10 lakh equity shares and 15.41 lakh warrants to the promoters and non-promoters.

Ajay Devgn was among nine investors who invested a total of ₹24.66 crore in the preferential share allotment, as per a regulatory filing. Devgn invested ₹2.74 crore for 1 lakh equity shares of the company at ₹274 per share, a steep discount to Saturday's closing price of ₹948.40 per share on the BSE.

At 10:05 am, Panorama Studios shares were trading 2.28% higher at ₹970.00 apiece on the BSE, with a market capitalization of just over ₹1,200 crore.

Panorama share price has jumped more than 176% in 2024 so far and over 255% in three months. The smallcap stock has given multibagger returns of over 884% in one year.

Devgn has worked with Panorama in its productions like ‘Dil Toh Baccha Hai Ji’, ‘Raid’ and ‘Drishyam’. 

Last week, Panorama Studios announced the execution of production agreements with Humble Motion Pictures FZCO and Reliance Industries through its media and entertainment division (JIO Studios) for three Punjabi Movies. These movies are titled “Carry On Jettiye”, “Ardaas 3” and “Manje Bistre 3”.

Earlier, it was reported that Panorama Studios has partnered with Gulfstream Pictures and JOAT Films for the Hollywood remake of the Drishyam franchise.

According to reports, Panorama Studios Chairman and MD Kumar Mangat Pathak said the mission is to produce Drishyam in 10 countries in the next three to five years.

Catch Stock Market Live Updates here