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Shubham Polyspin Ltd's board of directors met on Saturday, August 13, 2022 and recommended the issue of bonus equity shares of the company in the ratio of 1:10. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.

“the board of directors of the company has recommended the issuance of 1 (One) bonus equity share of Rs. 10/- each fully paid up for existing 10 (Ten) Equity Shares of Rs. 10/- each by utilising Rs. 1,10,20,000/- out of part of the Credit balance of Profit & Loss Account outstanding and as reflected in the Financial Statements of the Company as on 31st March, 2022," the company informed in an exchange filing.

Further, the board has also approved an increase in the authorised share capital of the company from 12 crores to 13 crores divided into 1,30,10,000 equity share of 10/- each, it added.

The company said that the matters mentioned above are subject to approval of the Members of the Company and all concerned authorities including BSE Limited and all other compliances under the Companies Act, 2013 and the applicable Securities Laws.

“The Board has also decided to seek the approval of the members of the Company at the ensuing Annual General Meeting scheduled to be held on 12th September, 2022. Subject to receiving all requisite approvals, Company shall endeavour to complete all the formalities including credit of bonus equity shares within statutory time period," it added.

Incorporated in 2012, Gujarat-based Shubham Polyspin is engaged in the manufacturing of Polypropylene Multifilament Yarn of various types including air-intermingled yarn, twisted yarn and bag closing yarn.

The company last month had informed in a regulatory filing to the exchanges that the meeting of the board of directors of the company is scheduled to be held on Saturday, 13th August, 2022 to take on record Unaudited Financial Results for the quarter ended on 30th June, 2022 and also to consider recommendation of bonus shares along with reviewing business activities of the company.

The company's shares made stock market debut on BSE and NSE in October 2018 and have given multibagger return of more than 1,190% since then. The multibagger stock has rallied more than 67% in 2022 (year-to-date or YTD) so far.

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