Power Mech Projects Ltd. saw its shares jump more than 7% following the company’s announcement of a 1:1 bonus share issue to mark its 25th anniversary. The board has also set September 28, 2024, as the record date for the final dividend.
The current market price of Power Mech Projects shares on the Bombay Stock Exchange (BSE) is ₹6,384.90. Over the past two years, the company’s shares have provided a remarkable return of 404% and have gained 16% in the last two weeks. With a market capitalization of ₹10,093.34 crore, Power Mech Projects is making significant strides in the infrastructure-construction sector.
According to the company’s BSE filing declared today (August 22, 2024), “commemorating 25 Glorious years of existence and growth and to reward the shareholders, the Board decided to issue bonus shares in the ratio of 1:1 ie.. one share for every one equity share of Rs. 10/- each fully paid up subject to the approval of shareholders at ensuing 25th Annual General Meeting which is scheduled to be held on 27th September, 2024. The Bonus Shares shall rank pari passu in all respects and carry the same rights as the existing equity shares of the Company.”
As of 9:38 am, the shares were trading 7.17% higher at ₹6,844.00.
