Shivalik Bimetal's board approves 1:2 bonus issue; stock dips ~4%

30 Aug 2022 , 03:09 PM

Shivalik Bimetal Limited informed that the Board of Directors of the Company in its meeting held on August 30, 2022, has considered and approved the issue of bonus shares in the ratio of 1:2.

The ratio indicates that 1 share of Rs2 each will be issued for every two fully-paid shares of Rs2 each held in the company.

The company proposes to issue Rs3.84 crore divided into 19,20,1400 Equity Shares of Rs2 each.

Company’s Pre-Bonus paid-up share capital is Rs7,68,05,600 divided into 3,84,02,800 equity shares of Rs2 each.

Following completion of bonus issue, company’s new share capital will be Rs11,52,08,400 divided into 57,60,4200 equity shares of Rs2 each.

Company plans to complete the bonus issue within 2 months from the date of Board approval i.e., by October 28, 2022.

Shivalik Bimetal will utilize Free reserves and/or share premium of Rs3,84,02,800 to implement the Bonus Issue.

At around 3.13 PM, Shivalik Bimetal was trading at Rs599.35 per piece, down by 4.06% from its previous closing of Rs624.70 on the BSE. The scrip touched intraday high and low of Rs641.55 and Rs592.55 respectively.

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