Bonus shares, stock split: Shares of Standard Capital Markets Limited will be in focus when Indian stock market opens on Tuesday after an extended weekend as stock market holiday falls on Monday due to Gurunanak Jayanti celebrations across the nation. In a meeting held on Friday, the company’s board of directors considered and approved a proposal for the issue of bonus shares and stock split. The company board approved bonus shares in a 2:1 ratio, which means two bonus shares for every one share of the company held by eligible shareholders.
Likewise, the company’s board of directors approved a stock split in a 1:10 ratio, which means that the shareholding of an eligible shareholder in the company will rise 10 times without additional investment. However, this will not have any effect on absolute value on the investment amount of an eligible shareholder in the company. The corporate board approved a stock split and additional shares during its meeting on November 24, 2023.
Standard Capital Markets bonus shares
The small-cap company informed stock exchanges of approval to the proposal for bonus shares citing, “In accordance with Regulations 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory modification(s), amendment(s) ) , and re-reading(s) thereof) read with SEBI circular dated September 09, 2015 and July 13, 2023 (“SEBI Circular”), this is to inform that the Board of Directors of the Company at its meeting held today ie , Friday, November 24, 2023, among other things considered and approved a Bonus Issue of Equity Shares in a ratio of 2:1 ie, 2 Equity Shares of ₹ 1/- each for every 1 Equity Share of ₹1/- each held by the shareholders of the Company as on the Record Date (determined by the Board and encouraged to the exchange), subject to the approval of members of the Company through an Extraordinary General Meeting.”
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Stock split from Standard Capital Markets
The company also informed about approval to share split proposal citing, “In accordance with Regulations 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory modification(s), amendment(s), and reenactment (s ) thereof) read with SEBI circular dated September 09, 2015 and July 13, 2023 (“SEBI Circular”), this is to inform that the Board of Directors of the Company in its meeting held today i.e. Friday, the 24- an of November 2023. , among other things, considered and approved a Subdivision of 1 (One) Share part of a nominal value of ₹10/-(Rupees Ten only) each fully paid up to 10 (Ten) Equity shares of the face value of ₹1 (Rupee One only) each fully paid.”
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Updated: 25 Nov 2023, 10:22 IST