Indian Metals and Ferro Alloys said in a filing on November 26 that its board approved the issue of bonus shares in the ratio of 1:1. The company has fixed January 10, 2022 as the record date to ascertain the eligibility of shareholders entitled to the bonus shares.
At 11.43 am, shares of Indian Metals were trading 2 percent higher at Rs 803 on the BSE.
“Issue of Bonus Equity Shares in the ratio of 1 (One) new Equity Bonus Share of Rs.10/- each for every l (One) existing Equity Shares of Rs. 10/- each held by the shareholders of the Company as on the Record Date, subject to the approval of shareholders of the Company through Postal Ballot and other applicable statutory and regulatory approvals; as may be required," the company said in a filing on November 26.
At the meeting, the board also decided to increase the authorised share capital of the company from Rs 38.75 crore to Rs 63.50 crore.
On November 23, when the company announced that the board would consider issuing bonus shares, the stock hit the upper circuit of Rs 718.40.
For the September quarter, Indian Metals & Ferro Alloys' net profit surged three-fold to Rs 143.58 crore against Rs 43.62 crore during the corresponding quarter in 2020.
Its sales jumped 49 percent to Rs 653.16 crore in the quarter ended September 2021 from Rs 437.58 crore in the year-ago period.