Jindal Worldwide shares surged five percent to hit a record high in the morning session on January 8, after the firm announced a bonus share issuance in a 4:1 ratio. Investors that hold one share of Jindal Worldwide shares by the record date will be eligible to receive four new shares.
The bonus equity shares will be issued out of free reserves and/or the securities premium account available as at 31st March, 2024, the firm said in a filing with the exchanges.
At 10.50 am, shares of Jindal Worldwide were quoting Rs 457.35 on the BSE, higher by 2.5 percent compared to the previous session's closing price.
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Jindal Worldwide is set to boost its authorized share capital and amend the capital clause in its memorandum of association. After the bonus issue, the company’s paid-up capital will increase to Rs. 100.26 crore, consisting of 100.26 crore fully paid-up equity shares.
Currently, the paid-up capital stands at Rs. 20.05 crore, with 20.05 crore shares. The bonus shares are expected to be distributed to shareholders by March 6, 2025, within two months of the board’s approval.
Jindal Worldwide shares have jumped 44 percent over the past 12 months, while the Nifty 50 index has gained a little more than 10 percent during the same time.
Founded in 1952 and part of the Rs 18,000 crore BC Jindal Group, the company has two major factories in West Bengal. In addition to serving the Indian market, Jindal India exports steel products to Latin America and the Far East, making it a key player in both the domestic and international steel industries.
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