BackMultibagger metal stock announces bonus shares issue in 1:4 ratio
The company said that bonus shares will be issued out of credit of the share premium account
PremiumRama Steel Tubes on Friday announced that its board in its meeting has approved the bonus issue of the equity shares of the company and will issue four shares for every 1 share held. Shares of Rama Steel Tubes slipped from higher and were trading 0.5% lower at ₹174 apiece on the BSE in afternoon deals.
"This is to inform that the Board at its meeting held today i.e., 18th November, 2022, has inter-alia, considered and approved the following items subject to shareholder's approval: Issue of 4 (Four) bonus equity shares for every 1 (one) fully paid-up equity share. lncrease in Authorised Share Capital from INR 11",50,00,000 (Eleven Crore Fifty Lakh) to ₹55,00,00,000 (Fifty-Five Crore). Alteration in Capital Clause of Memorandum of Association," the company informed in an exchange filing.
The company said that bonus shares will be issued out of credit of the share premium account of the company available on the basis of audited financial statements as at 30th September, 2022.
The estimated date by which such bonus shares would be credited/dispatched would be within 2 months from the date of board by 18th January, 2023. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
Rama Steel Tubes Ltd. is a smallcap company that operates in the ferrous metals industry. The company is one of India's top producers of rigid PVC & G.I. pipes and steel pipes and tubes. The firm has a global presence in countries such as the United Kingdom, UAE, Sri Lanka, Ethiopia, Kenya, Uganda, Ghana, Kuwait, Republic of Congo, Yemen, Guyana, Germany, USA, South Africa, Zambia, and Malta, among others.
Rama Steel shares have given multibagger return of about 150% in 2022 (YTD) so far whereas the metal stock is more than 261% in a year's period.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
