New Delhi, Dec. 17 -- Penny stock under Re 1 Auri Grow India share price was locked in its 5% upper circuit of Rs.0.87 on Wednesday, December 17 after Hong Kong-based FII Luminary Crown issued a Letter of Intent (LoI) to explore acquiring up to 24% equity in the company. The proposed deal indicates a price of Rs.2 per share, significantly higher than Auri Grow India's Rs.0.84 market price on December 16, offering a sizable premium.

Today is the 12th straight session of gains for the penny stock, soaring 74%. In December, it has been in red in just 1 session.

The LoI outlines a potential investment through primary issuance by preferential allotment, subject to regulatory, statutory and shareholder approvals. Auri Grow, listed on the NSE ...