SRF Bonus Issue: share price up 5% on Board of Directors APPROVAL for bonus shares
The decision was taken during the meeting of the board of directors of the company on 31st August.
SRF Bonus Issue latest news: SRF, a chemical-based multi-business entity engaged in the manufacturing of industrial and specialty intermediates, on 31st August informed the NSE) that its Board of Directors has approved the bonus issue of equity shares in the proportion of 4 for every 1 share.
The decision was taken during the meeting of the board of directors of the company on 31st August. The share bonus, however, is subject to the approval of shareholders via Postal Ballot. Those holding SRF shares on the record will get the bonus shares in the ratio of 1:4.
“The approved bonus issue of equity shares in the proportion of 4 equity shares of Rs 10 each for every 1 equity shares of Rs 10 each held by the shareholders of the company as on the record date is subject to the approval of shareholders through Postal Ballot in compliance with the applicable laws,” the company informed NSE.
The total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately) for Rs 236,98,08,200 divided into 23,69,80,820 Equity Shares of Rs 10 each, the company has mentioned.
The bonus shares will be issued out of the securities premium account of the company available as of March 31, 2021, SRF has informed.
A securities premium of Rs 236,98,08,200 is required for implementing the Bonus issue. As of March 31, 2021, the balance of Rs 736,24,96,299 is available in securities premium account, the company informed.
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The consolidated revenue of the company grew 75 per cent from Rs 1,545 crore to Rs 2,699 crore in Q1FY22, compared with the corresponding period last year. The company’s earnings before interest and tax (EBIT) increased 102 per cent from Rs 295 crore to Rs 595 crore in Q1FY22 when compared with the corresponding period last year. The company’s Profit after Tax (PAT) increased 123 per cent from Rs 177 crore to Rs 395 crore in Q1FY22 when compared with the corresponding period last year.
Shares of SRF gained 4.86 per cent on the NSE to close at 10,185. On the BSE, it closed at Rs 10,140.
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