VST Industries to issue shares in 10:1 ratio

26 Jul 2024 , 10:57 AM

On Monday, VST Industries’ board of directors approved the issuance of bonus shares at a 10:1 ratio. The corporation will issue ten additional bonus equity shares for each existing equity share and has set Friday, August 30, 2024, as the record date to assess members’ eligibility for bonus shares.

The bonus shares will rank pari passu in all respects and have the same rights as the company’s existing equity shares, according to its filing with the exchanges.

The total number of securities proposed for issuance is 15,44,19,200 equity shares.

The company recorded a profit after tax (PAT) of ₹53.58 Crore for the quarter ended June 30, 2024, which was lower both year-on-year and quarter-on-quarter. The net profit in Q1FY25 fell 36% compared to the PAT of ₹83.70 Crore declared by the company in Q1FY24. On a sequential basis, it was down 39% from ₹88.20 Crore recorded in Q4FY24.

In the first quarter of FY25, current account deposits increased by 46% year on year, while savings account deposits increased by 30%. The bank maintained a good liquidity position in Q1 FY25, with a liquidity coverage ratio (LCR) of 117%.

VST Industries manufactures and sells cigarettes and unmanufactured tobacco.

Radhakishan Damani’s firm Derive Trading sold a portion of its ownership in tobacco company VST Industries in bulk transactions on Wednesday.

According to the most recent shareholding pattern available on the exchanges, public shareholders own the bulk of the stock (67.47%), with promoters owning the remainder.

Damani owned approximately 34.66% of the company’s public shares. Damani increased its holding in VST Industries by 2% during the June quarter. Trendlyne records show that at the end of the March quarter, the investor-owned around 32.7% of the firm.

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