Standard Capital Markets Ltd has received regulatory approval for the issue and allotment of the proposed bonus shares and share split. The stock exchange BSE gave its in-principle approval to the company for the same on December 22.
“We acknowledge receipt of your application regarding in-principle approval for issuance and grant of proposed Bonus equity shares to the shareholders…. In this regard, the Exchange is pleased to grant in-principle approval for issuance and proposed allocation of not to exceed. 98,00,02,000 Bonus equity shares of Re 1/- each in the ratio of 2 (Two) new equity shares for every 1 (One) existing equity shares held in the company…”, a BSE notice said.
The board of directors of Standard Capital Markets approved the stock split in its board meeting held on November 24. The company’s board approved a proposal for a 1:10 equity sub-division along with issue of bonus shares.
Read here: Circuit to circuit shares Standard Capital declares a 1:10 stock split. Details here
The company set Friday, December 29, as the Record Date for the share split and bonus issue, which were approved by the shareholders at the company’s Extraordinary General Meeting held on Monday, December 18.
Under the stock split, Standard Capital Markets will split 1 (One) share share of a nominal value of ₹10 each fully paid in 10 (Ten) equity shares of the face value of Re 1 each fully paid. 2.
The company will issue bonus shares in the ratio of 2:1 ie, 2 equity shares of Re 1 each for every 1 equity share of Re 1 each held by its shareholders as on the Record Date.
Read also: Ashok Leyland, India Cements, 5 other stocks placed under F&O ban list
The record date for both the corporate actions, stock split and bonus issue, was set for Friday, December 29.
Shares of Standard Capital Markets have seen a stellar rally with the stock rising 32% in the past month.
Standard Capital Markets’ share price has jumped more than 50% in three months and more than 260% year-to-date (YTD).
Shares of Standard Capital Markets ended 1.96% higher on Friday ₹75.00 apiece on the BSE.
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Published: 26 Dec 2023, 08:48 IST