Ratnamani Metals zooms 16% ahead of record date for bonus shares issues
Published On: Thursday, June 30, 2022 | By: Team KnowMyStock
Shares of Ratnamani Metals and Tubes Ltd jumped to hit a 52-week high level of ₹1,920 apiece on the BSE in Thursday's early deals as the stock started trading ex-bonus, a day ahead of its record date for the bonus shares issue. The company will issue one bonus share for every two shares held by the existing shareholders. The bonus issue of shares was announced on May 18, 2022. The record date for the bonus issue is July 1. The Bonus Shares will be issued out of Securities Premium Reserve, Free Reserves, Retained Earnings available as at March 31, 2022. The Bonus shares will be credited/dispatched within 2 months from the date of board approval i.e. latest by July 17, 2022, it had said.“The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights as the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the new equity shares are allotted," the company added.
The board has also recommended a dividend of Rs 14 per equity share (i.e. @ 700 percent) (pre-bonus) to the members, which translates into a dividend of Rs 9.33 per equity share (post-bonus), for the financial year ended on March 31, 2022. The company has fixed August 1, 2022, as the record date for the purpose of ascertaining the entitlement of shareholders to the dividend.
The stainless steel pipes manufacturing stock has outperformed the headline index Sensex, jumping almost 50% over the past 6 months, compared to an 8% fall registered by the benchmark index.
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