Infra stock's bonus shares issue announced in 1:1 ratio. Details inside
1 min read 27 Sep 2022, 12:00 PM ISTThe company added that the bonus issue will be out of share out of profits or share premium account premium account
PremiumShares of GPT Infraprojects Ltd surged more than 3% to ₹120 apiece on the BSE in Tuesday's early trading session after the company announced that its board has recommended the issue of bonus equity shares of the company in the ratio of 1:1 i.e., one share for every one held.
“This is to inform you that the board at its meeting held today. i.e. 27 September, 2022 has approved the following the Bonus Issue of Equity Shares in the proportion of 1 (One) Equity Share of Rs. 10/- each for every 1 (One) Equity Shares of Rs. 10/- each held by the shareholders of the company as on the record date to be fixed by the Board, subject to the approval of shareholders through Postal Ballot," the company informed in an exchange filing.
The company added that the bonus issue will be out of share out of profits or share premium account premium account. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.
The estimated date by which such bonus shares would be credited /dispatched will be within 2 months from the date of board approval i.e. by 26 November, 2022, it said.
GPT Infraprojects is the flagship company of the GPT Group. Headquartered in Kolkata, India, GPT Infraprojects operates primarily from two divisions – the Sleeper Division and the Infrastructure Division. The infra stock is more than 42% in 2022 (YTD) so far.
The infrastructure division of the company is involved in a variety of civil construction projects for infrastructure works such as railways, roads, airports, irrigation, and urban infrastructure. The Sleepers Division is involved in the manufacture of concrete sleepers and transfer of concrete sleeper technology for railways systems in India and abroad. The Panagarh unit of the company is approved by Research, Design and Standards Organisation (RDSO), Ministry of Railways, India.
