The board of Sandur Manganese has approved an issue of bonus shares in the ratio of 5:1. This means that the company will issue five bonus shares to shareholders for every one share that they own as of the record date.
Record date for the bonus issue of shares is yet to be determined. The company, in an exchange filing said that the record date will be intimated in due course.
Sandur Manganese will issue bonus shares to shareholders out of the available free reserves as of September 30. The company had free reserves worth 1,957 crore, which will be utilised to issue the bonus shares.
The bonus shares will be credited to eligible shareholders within two months from the date of the board's approval.
Based on the data available on the exchanges, this is the company's first ever issue of bonus shares.
Sandur Manganese was in the news earlier in the year when the board had approved a rights issue worth ₹18 crore and a capex plan of ₹900 crore to ₹950 crore. The rights entitlement ratio was fixed at 2 new shares for every 1 share held as of the record date.
Shares of Sandur Manganese have surged to the day's high post the announcement of bonus shares. The stock is currently trading 8.4% higher at 2,520 and has gained 56% so far in 2023. The stock has rallied 62% in the last one month itself.
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