Bajaj Steel Industries Announces Bonus Shares
Bajaj Steel Industries has made a significant announcement regarding its shareholders today, October 3rd. During its recent board meeting, the company has approved the issuance of bonus shares to its investors. Specifically, Bajaj Steel Industries will distribute 3 bonus shares for every 1 share held by shareholders. Although the record date for this allotment is yet to be disclosed, the news has generated interest among investors.
Stock Performance Overview
On the day of the announcement, Bajaj Steel Industries saw a marginal decline of 0.90%, closing at Rs 3320.10 on the Bombay Stock Exchange (BSE). The company’s market capitalization stands at an impressive Rs 1,726.45 crore, while it has experienced fluctuations throughout the year, with a 52-week high of Rs 3499.75 and a low of Rs 1004.05.
Details of the Bonus Share Issue
| Bonus Share Ratio | Existing Shareholders’ Entitlement | Face Value of Shares | Total Shares Post-Issue |
|---|---|---|---|
| 3:1 | 3 bonus shares for each existing share | Rs 5 | 2.08 billion shares |
According to an exchange filing, the company will issue approximately 1.56 billion new shares to complete this round of bonus share distribution, increasing the total shares in circulation to 2.08 billion, valued at Rs 10,40,00,000.
Timeline for Issuance
Bajaj Steel Industries aims to finalize the bonus issue process by December 2, 2024. This event marks the first instance in which the company is ready to issue bonus shares to its shareholders, which speaks to its growth strategy and commitment to rewarding its investors.
About Bajaj Steel Industries
Bajaj Steel Industries is known for its innovative solutions in the machinery sector, including products for cotton ginning automation, cotton pressing machinery, auto feeders, and specialized steel bullock carts. Additionally, the Board has also endorsed the re-appointment of Dr. Mahendra Kumar Sharma as the Wholetime Director and Chief Investment Officer for the next five years, starting November 12, 2024.
Shareholding Structure
At the conclusion of the June quarter, promoters held a significant 48.27% stake in Bajaj Steel Industries. Notably, the company does not currently have any mutual fund investments, indicating a unique investment profile that may attract different types of investors.
Investor Advisory
Disclaimer: The information provided in this article is for informational purposes only. Investing in the stock market involves risks, and it is crucial for investors to conduct thorough research and seek guidance from financial experts before making investment decisions. Moneycontrol does not provide any investment advice.
