NBCC, a Navratna Central Public Sector Enterprise, informed exchanges on August 31 that the Board of Directors has recommended issuing Bonus Shares to shareholders at a 1:2 ratio, i.e., one new fully paid-up equity share of Rs 1 each will be issued for every two existing fully paid-up equity shares of Rs 1 each, to the eligible members of the Company as on Record Date.
The record date to determine the eligibility of shareholders for the bonus shares has been set for October 7, 2024.
"The Board of Directors has recommended the issuance of Bonus Shares to the Shareholders of the Company in the ratio of 1:2 i.e. 1 (One) new fully paid-up Equity Share of Rs 1/- (Rupee One Only) each for every 2 (Two) existing fully paid up Equity Share of Rs 1/- (Rupee One Only) each to the eligible members of the Company as on Record Date, subject to the approval of the Shareholders in the forthcoming Annual General Meeting," NBCC said in an exchange filing.
"Board has fixed Monday, October 7, 2024 as Record date to determine the eligibility of members to receive bonus shares," it stated.
The company plans to issue a total of 90 crore equity shares, each with a face value of Rs 1.
The state-owned construction firm said bonus shares will be issued out of free reserves created from profits, as per the audited financial statements dated March 31, 2024. It stated the required free reserves for this bonus issue amount to Rs 90 crore, with the company holding a balance of Rs 1,959 crore in reserves and surplus.
NBCC further stated that the bonus shares are expected to be credited or dispatched within two months from the Board’s approval, by October 31, 2024.
The company earlier fixed the record date as September 6, 2024, for determining the eligibility of shareholders to receive final dividend of Rs 0.63 per equity share of Re 1 for FY 2023-24.
NBCC sold 100 percent of the office and retail inventory worth approximately Rs 14,800 crore at its World Trade Centre (WTC) in Nauroji Nagar and Downtown in Sarojini Nagar in New Delhi.
In recent developments, on August 14, NBCC’s subsidiary HSCC (India) secured a work order worth Rs 528.21 crore from the Directorate of Medical Education & Research, Haryana. This order is for procuring biomedical equipment and hospital furniture for the Pt. Deen Dayal Upadhyaya University of Health Sciences in Kutail, Karnal.
Additionally, on August 9, the company received a significant Rs 15,000-crore order from the Srinagar Development Authority for developing a Satellite Township spanning 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar (J&K).
On August 30, NBCC shares settled at Rs 186.37 apiece on the NSE, which was down Rs 8.45 or 4.34 percent lower than the previous day's close.
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