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NBCC (India) board has recommended the issuance of bonus shares to the shareholders of the company in the ratio of 1:2.
The last bonus that NBCC (India) announced was in 2017.
The meeting held on Saturday recommended the issuance of bonus shares in ratio of 1:2 i.e. one new fully paid-up equity share of ₹1 each for every 2 existing fully paid-up equity share of ₹1 each to the eligible shareholders of the company as on record date.
The decision of the board of directors is subject to shareholders approval in the forthcoming annual general meeting (AGM).
"This decision reflects the company's strong financial health and its commitment to rewarding its shareholders. The board has also fixed Monday, October 07, 2024, as the record date to determine the eligibility of members to receive bonus shares" said the company.
Shareholders, whose names appeared in the Register of Shareholders or the List of Beneficial Owners maintained by the depositories as of August 31, 2024, will receive these bonus shares.
Consequently, the paid-up equity share capital of the company will increase from ₹180 crore to ₹270 crore.
The newly allotted bonus shares will hold equal status with the existing shares.
The Company has a balance of ₹1,959 crore being reserves and surplus available for capitalisation as per financial statements on March 31, 2024.
"We believe that this initiative will further strengthen the confidence of our shareholders and reflect our ongoing commitment to creating value," said K.P. Mahadevaswamy, CMD, NBCC.
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