Bharat Global Developers Ltd today announced an 8:10 bonus share issue and a 1:10 stock split at its board meeting in Ahmedabad. Under the bonus issue, shareholders will receive eight new equity shares for every ten shares held, while the stock split will divide each ₹10 share into ten shares of ₹1 each.
The shares of Bharat Global Developers Ltd were trading at ₹1210.40 up by ₹57.60 or 5 per cent on the BSE today and hit its 52-week high.
The company’s board approved these corporate actions to enhance share liquidity and increase retail investor participation. Post-bonus issue, the paid-up equity share capital will increase to ₹182.27 crore from ₹101.26 crore. The bonus shares will be issued from the company’s free reserves and securities premium account, which stood at ₹8,503.07 lakh as of September 30, 2024.
The implementation of both corporate actions is expected within two months, subject to shareholder approval at an extraordinary general meeting scheduled for December 12, 2024, via video conferencing.
The board also outlined plans to utilize funds for projects in AgriTech, Defense, and Green Energy sectors. The company, formerly known as Kkrrafton Developers Limited, indicated it would consider dividend declarations in upcoming quarters based on financial performance.