Salasar Techno Engineering stock rises after announcing issuance of bonus shares at 4:1 ratio | Mint – Mint
The shares of Salasar Techno Engineering rose over 2.80% to ₹64.35 on NSE, on Wednesday after the company announced the issue of bonus shares in the proportion of 4:1 i.e. four new fully paid-up bonus equity share of face value of ₹l each will be provided for one existing fully paid up equity share of ₹1 each held by the shareholder.
“Recommended the issue of Bonus Shares in the proportion of 4:1 i.e. 4 (Four) new fully paid-up bonus equity-share of ₹l (Rupees-0ne-only) each for every 1 (0ne) existing fulfy paid up equity share of ₹1/- (Rupees One only) each held by the Members of the Company as on the Record Date, subject to shareholders and other statutory approvals,” the company informed the exchanges on Wednesday.
The company further informed that the record date for identifying eligible shareholders will be determined and subsequently conveyed to the exchange separately.
The issuance of bonus shares will be facilitated through the utilization of the company’s Securities Premium Account, necessitating a total of ₹126 crore for this purpose.
Eligible shareholders can anticipate the crediting of bonus shares within a span of two months subsequent to the bonus issue.
Salasar Techno Engineering made its debut on the stock exchanges in 2017, boasting the distinction of being the most subscribed IPO in the Indian markets at that time, garnering an overall subscription of 273.05 times.
Presently, shares of Salasar Techno Engineering are undergoing a 3.1% decline, trading at ₹59.45. Nevertheless, the stock has exhibited a 10% increase in value so far in the year 2023.
On December 18, the company had announced that the board is considering the issuance of bonus shares to its eligible shareholders.
“Pursuant to Regulation 29 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, Notice is hereby given that the meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, 20th day of December, 2023 at 12:30 P.M. at its office situated at Plot No. B-8, 913-916, 9 th Floor, Tower-B, Noida One, Sector-62, Noida, UP-201301, inter alia to consider and recommend a proposal of declaration of Bonus Shares to the Shareholders of the Company subject to requisite approvals,” the company said on Monday.
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Published: 20 Dec 2023, 04:02 PM IST
