Home / Markets / Stock Markets /  Board of this high promoter holding stock approves 3:1 bonus shares

With a market valuation of 128.76 Cr, Modis Navnirman Ltd. is a small-cap company that engages in the real estate industry. The company has expanded into real estate and has become one of the most valued developers in the nation. The firm has delivered outright lands, rehabilitation projects, and landlord projects over its 25 years of expertise in the design, construction, and real estate industries. The bonus shares were disclosed and authorized at a 3:1 ratio by the company's board of directors, recently.

The company has said in a regulatory filing that “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 we hereby inform you that the Board of Directors at their meeting held on September 28th, 2022 has inter alia considered and approved “Issue of Bonus shares in the ratio of 3:1 i.e. (three) fully paid-up equity shares for every 1 (one) existing fully paid-up equity share held by the shareholders, subject to the approval of the shareholders of the Company."

Pre-bonus issue paid-up share capital is 4,23,00,000 consisting of 42,30,000 equity shares of 10 each and post-bonus issue paid-up share capital shall be up to 16,92,00,000 consisting of existing 42,30,000 equity shares plus bonus shares up to 1,26,90,000 equity shares of Rs. 10 each.

The shares of Modi's Navnirman Ltd closed on Friday at 304.40 apiece, down by 14.19% from the previous close of 354.75 on the BSE. On Friday, the stock recorded a total volume of 51,200 shares. In the last 5 years, the stock has gained 52.85% and in the last 1 year, the stock has gained 61.10%. The stock had touched a 52-week-high of 359.85 on (29/09/2022) and a 52-week-low of 184.00 on (06/07/2022), indicating that at the current price level the stock is trading 15.40% below the high and 65.43% above the low. As of 6-July-2022, the company recorded a promoter holding of 99.98% and a public shareholding of 0.02%. The promoter stake at the current level is much higher than its peers such as NCC Ltd, KNR Constructions Ltd, PNC Infratech Ltd, Rail Vikas Nigam Ltd, Mahindra Lifespace Developers Ltd, National Standard (India) Ltd and Macrotech Developers Ltd.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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