Choice International's board approves 1:1 bonus issue

5 Aug 2022 , 09:30 AM

Choice International Limited informed that the board of directors of the company recommended a bonus issue in the ratio of 1:1. This means shareholders will be issued one equity share for each fully paid up equity share held as on record date fixed for the purpose.

On completion of the bonus issue, the total paid-up share capital will increase to Rs99.52 crore from the existing Rs49.76 crore.

However, the bonus issue is yet subject to the approval of shareholders at the 29th Annual General Meeting and any other applicable statutory and regulatory approvals, as may be required.

“The Bonus Shares, once allotted, shall rank pari passu in all respects and have the same rights as the existing Equity Shares,” stated the company in its filing with the exchanges.

The company will issue the bonus shares out of the permissible reserves.

Choice will issue 4,97,56,000 Equity Shares of Rs10 each aggregating to Rs49.76 crore.

At around 9.32 AM, Choice International was trading at Rs435.85 up by Rs1.8 or 0.41% from its previous closing of Rs434.05 on the BSE. The scrip opened at Rs447.80 and touched intraday high and low of Rs447.80 and Rs432 respectively.