Cosmo Films shares plunge ahead of record date for bonus shares issue
- Cosmo Films had announced the issue of bonus shares in the ratio of 1:2
Shares of Cosmo Films plunged nearly 2% to ₹1,012 apiece on the BSE in Friday's trading session as the stock started trading ex-bonus, a day ahead of the record date of its bonus issue in the proportion of 1:2. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
Cosmo Films had announced that its board at its meeting held on May 09, 2022, has approved the issue of bonus shares in the ratio of 1:2, subject to shareholders and other necessary approvals. The bonus issue committee of the company fixed Saturday, June 18, 2022 as the 'Record Date', for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus equity shares of the company.
Cosmo Films reported an increase of 45% in consolidated net profit at ₹108 crore for the fourth quarter ended March 2022, helped by higher sales. The company had posted a consolidated net profit of ₹74 crore for January-March period a year ago. Revenue from operations was at ₹820.8 crore as against ₹671.8 crore in the year-ago period.
The company's board with its Q4 results also approved the change in name of the company from “Cosmo Films Ltd” to “Cosmo First Ltd” and consequent alteration in the Memorandum and Articles of Association of the company, subject to the approval of shareholders.
Shares of Cosmo Films are up over 8% in 2022 (year-to-date or YTD) so far, whereas, the stock has rallied more than 80% in a year's period. Cosmo Films is a BOPP Film manufacturers, suppliers and producers in India.
Established in 1981, Cosmo Films Limited is a leading firm in speciality films for packaging, lamination and labeling applications. Its films offerings include biaxially oriented polypropylene (BOPP) films, cast polypropylene (CPP) films and soon to be offered biaxially oriented polyethylene terephthalate (BOPET) films.
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