New Delhi
The cleaning of the house for a young man changed his luck. He got a share certificate in his father’s old papers, which he thought he would be old and useless. But when he examined them, it was found that these shares were purchased in the 1990s and today their price has been around ₹ 80 crore. Saurabh Dutta wrote in social media post, “Friends, my father bought this shares in 1990 and then the price of these shares was Rs 1 lakh. After purchasing the shares, Saurabh’s father forgot and these paper remained in one corner of the house for more than 3 decades and today when the son’s hands were put on paper, everything changed in the same shock. Today the market value of these shares is around 80 crores.
Which company belongs to these shares?
The stock was of ‘Jindal Vijayanagar Steel Limited’, which was later merged into ‘JSW Steel’. Saurabh’s father bought around 5,000 shares. After the merger, their number increased to 80,000 and then these shared 8 lakhs after the 2017 stock split. Today their price is around ₹ 80 crore.
Reaction received on social media
Saurabh shared this story on social media, so users made various comments. Some said that it would take 30% tax on it, then someone said that the IPO of Jindal Vijayanagar Steel came in late 1990. One user wrote, “The person investing ₹ 1 lakh in the same stock must have been rich.”
How did the price of these shares increase?
This surge in the price of shares of Jindal Vijayanagar Steel was shown after several stages. In 2005, Jindal Vijayanagar Steel merged with JSDB STL Limited and had a exchange ratio of 1:16. This means that JSDB gave 16 shares in lieu of 1 shares of Jindal Vijayanagar Steel. After this, in 2017, JSDB Steel also split his stock, which was 1:10. This means a stock divided into 10 shares by the company.
