Microcap Stock:Shares of microcap company Saboo Sodium Chloro Ltd were in focus during trading today on Monday. The company's stock hit an upper circuit of 20% today and the stock reached 34.72. There is a big announcement behind this rise in the shares. Actually, a big announcement has been made by the company's board regarding the future actions of Saboo Sodium Chloro Ltd. Let us tell you that veteran investor Dilipkumar Lakhi also has a big stake in Saboo Sodium Chloro Ltd.

What did the company say?

The company today informed the stock exchanges that it will convert its hospitality assets into a wholly-owned subsidiary and then launch an IPO of the demerged company - Sanskar Resorts. "The objective of the proposal is to unlock SSCL shareholder value and expand the hospitality portfolio," the company said in its filing. It said the IPO is expected to be a fresh issue in the range of Rs 75 to Rs 105 crore, with Saboo Sodium Chloro Ltd retaining a majority stake in Sanskar Resorts. The company also pointed out that "the market value of Sanskar Jaipur's property and land assets has appreciated substantially in recent years." The company said Sanskar Resorts will use the proceeds from the IPO to quadruple its hotel portfolio, expanding to four properties in Rajasthan. It said 650 luxury rooms will be added.

Dilip Kumar Lakhi's big bet

Market veteran investor Dilipkumar Lakhi also has a stake in the company's shares. As of June 30, he held 5,77,071 shares of the company, which is 1.37 percent of the total equity. Let us tell you that Lakhi is the same person who made the highest donation for the Ram temple in Ayodhya, in which he donated 101 kg of gold, whose estimated value was Rs 68 crore. The market cap of Saboo Sodium Chloro is Rs 145.72 crore.