Bajaj Steel Industries Ltd. has announced a major development from its Board Meeting today, approving the issuance of bonus shares in the ratio of 3:1. This means that shareholders will receive three new equity shares for every one equity share they currently hold.
Key Details of the Bonus Share Issue:
- Bonus Ratio: 3:1 (Three new equity shares for every one existing equity share)
- Pre-Bonus Share Capital: 5,200,000 equity shares with a face value of ₹5 each
- Post-Bonus Share Capital: 20,800,000 equity shares with a face value of ₹5 each
- Capitalization: ₹7.8 crore from the Securities Premium Account
- Timeline: Bonus shares will be credited to shareholders’ demat accounts by December 2, 2024, subject to shareholder and regulatory approvals.
The move is aimed at enhancing shareholder value and aligns with the company’s growth strategies. The capitalization will be made from the Securities Premium Account, with an available balance of ₹8.91 crore as of March 31, 2024.
This bonus issue reflects Bajaj Steel Industries’ commitment to rewarding its shareholders and strengthening its equity base for future growth.
