High promoter holding debt-free stock sets record date for 3:2 bonus shares

With a market valuation of ₹88.23 Cr, SecMark Consultancy Ltd. is a small cap company that operates in the IT sector. The company provides consulting, technology, and outsourcing services for business processes, operations, regulatory compliance, and risk management. The Board of Directors of the corporation has made the record date public in order to ascertain the shareholders' eligibility for the 3:2 bonus shares.

Earlier month on 23rd August, the company had informed stock exchanges that “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Board of Directors at their Meeting held today i.e. August 23, 2022 has, inter alia considered and approved Issue of Bonus Share in the ratio 3 (three) fully paid-up equity shares for every 2 (two) existing full paid-up equity share held by the shareholders, subject to the approval of the shareholders of the Company.”

On Thursday, the Board of Directors of the company said in a regulatory filing that “Pursuant to Regulation 42 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed Wednesday, 12th October, 2022 as the Record Date to determine the eligible shareholders to receive bonus shares as approved in the 11th Annual General Meeting(AGM) of the Company held on September 28, 2022.”

On the BSE, the shares of SecMark Consultancy Ltd closed on Friday at ₹212.70 apiece at an upper circuit level, up by 4.99% from the previous close of 202.60. On Friday, the stock recorded a total volume of 2,000 shares. In the last 5 years, the stock has gained 67.09%, and in the last 1 year, the stock has gained 83.36%. On a YTD basis, the stock has surged 61.56% so far in 2022. The stock had touched a 52-week-high of ₹250.90 on (25/08/2022) and a 52-week-low of ₹100.00 on (18/11/2021), indicating that at the current market price the stock is trading 15.22% below the high and 112.70% above the low. 

According to Value Research's research, SecMark Consultancy Ltd is a company that virtually has no debt. For the quarter ended March 2022, this debt-free company recorded a promoter holding of 74.49% and a public shareholding of 25.51%, and the current stake level of the promoters is much higher than its peers such as KPIT Technologies, Coforge, Persistent Systems, Oracle Financial Services Software Ltd, L&T Technology Services Ltd, Mphasis and Tata Elxsi.