NBCC approves bonus shares in 1:2 ratio; record date set as Oct 7
NBCC further stated that the bonus shares are expected to be credited or dispatched within two months from the Board’s approval, by October 31, 2024.
NBCC, a Navratna Central Public Sector Enterprise, informed exchanges on August 31 that the Board of Directors has recommended issuing Bonus Shares to shareholders at a 1:2 ratio, i.e., one new fully paid-up equity share of Rs 1 each will be issued for every two existing fully paid-up equity shares of Rs 1 each, to the eligible members of the Company as on Record Date.
The record date to determine the eligibility of shareholders for the bonus shares has been set for October 7, 2024.
“The Board of Directors has recommended the issuance of Bonus Shares to the Shareholders of the Company in the ratio of 1:2 i.e. 1 (One) new fully paid-up Equity Share of Rs 1/- (Rupee One Only) each for every 2 (Two) existing fully paid up Equity Share of Rs 1/- (Rupee One Only) each to the eligible members of the Company as on Record Date, subject to the approval of the Shareholders in the forthcoming Annual General Meeting,” NBCC said in an exchange filing.
“Board has fixed Monday, October 7, 2024 as Record date to determine the eligibility of members to receive bonus shares,” it stated.
The company plans to issue a total of 90 crore equity shares, each with a face value of Rs 1.
The state-owned construction firm said bonus shares will be issued out of free reserves created from profits, as per the audited financial statements dated March 31, 2024. It stated the required free reserves for this bonus issue amount to Rs 90 crore, with the company holding a balance of Rs 1,959 crore in reserves and surplus.
