“It is to inform that the Board of Directors of the Company at its meeting held today, i.e., November 22, 2024, inter-alia, transacted the following items of business amongst other items: Issue of Bonus equity shares in the ratio of 2:1 i.e. 2 (Two) new fully paid equity shares of Rs 1/- each for every 1 (One) existing equity share of ͅRs 1/- each held as on Record date by the shareholder, subject to the approval of shareholders of the Company through Postal Ballot,” said the company in a filing to the exchanges.
The company has not provided any further details and will inform the record date for the purpose at a later date. However, it is informed that the bonus shares will be credited on or before January 20.
Kitex Garments also informed that the pre-bonus paid-up share capital of the company is Rs 6.65 crore consisting of 6.65 crore shares of Re 1 each. The same is expected to be around Rs 19.95 crore consisting of 19.95 crore shares of Re 1 each on a post-bonus basis.
An amount of Rs 13.30 crore will be appropriated from the company’s general reserve or retained earnings for the purpose of the bonus shares issuance.
Prior to this, the company had issued bonus shares to its shareholders one time in 2017, wherein the company issued the shares in the ratio of 2:5, according to the Trendlyne data.Also read: Adani Group stocks reverse losses, surge up to 6% a day after US charges Gautam AdaniThe shares of Kitex Garments have given multibagger returns of 210.2% in the last one year and 186.60% and 193.5% in the current year so far and in the last 6 months respectively.
Kitex Garments shares were trading 3.9% lower at Rs 643.05 on the BSE around 1 pm today.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
