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Shivalik Bimetal Controls Ltd's had announced that its board earlier this week approved the issue of bonus equity shares in the ratio of 1:2, which is subject to approval of the shareholders in the forthcoming Annual General Meeting (AGM) of the company. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.

“We wish to inform you that the Board of Directors of the Company in its meeting held today i.e 29th day of August, 2022, has inter alia considered and approved the following(s): 1. Issue of bonus shares in the ratio of 2:1, i.e., one bonus equity shares of Rs. 2/- each for every Two fully paid up equity shares held, as on the record date. The record dates ascertain members eligible to receive will be fixed in due course," the company informed in an exchange filing on Monday.

The company said that the bonus shares will be issued out of free reserves and securities premium account of the company available as at March 31, 2022. As on March 31, 2022, aggregate amount of free reserves, and securities premium account is 17,949.8 lakhs. The estimated date by which such bonus shares would be credited/dispatched is within 2 months from the date of board approval i.e. by 28th October, 2022, it added.

The Board has decided that 38th Annual General Meeting of the Company will be held on Tuesday, 27th Day of September, 2022 at 10.30 AM and the cut-off date for determining the voting rights for E-voting on the resolutions listed in the Notice of Annual General Meeting will be 20th September, 2022.

Shivalik Bimetal Controls Ltd is a company specialized in the joining of material through various methods such as Diffusion Bonding / Cladding, Electron Beam Welding, Solder Reflow and Resistance Welding. Our present program includes Thermostatic Bimetal, Clad Metal, Spring Rolled stainless Steels, Electron Beam Welded Material with multi- Gauge and Multi- Materials strips and Thermostatic Edge- Welded Strips for a board spectrum of industries.

Shivalik Bimetal Controls shares have given multibagger return of more than 248% in a year's period, whereas the multibagger stock has surged over 51% in 2022 (YTD) so far.

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