Redington (India) share price hits 52-week high after board approves bonus issue

Redington (India) share price jumped over 7 percent in the afternoon session on July 7 after the company board approved bonus of 1 equity share for every one held.

The Board of Directors have considered, approved and recommended a bonus issue of one equity share of Rs 2 each fully paid up for every one equity share of Rs 2 each held as on the record date decided for this purpose. This bonus issue will be subject to the approval of shareholders and other approvals, consents, permissions, conditions and sanctions, as may be necessary, the company said in a filing to the BSE.

"The record date for reckoning the eligible shareholders entitled to be allotted bonus shares has been fixed as August 20, 2021," it added.

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The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights as the existing equity shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the issue and allotment of such bonus shares, the company said.

The stock was trading at Rs 323.55, up Rs 17.50, or 5.72 percent at 13:56 hours. It has touched a 52-week high of Rs 330. It has touched an intraday high of Rs 330 and an intraday low of Rs 301.30.

The Board has considered and approved the increase in authorized share capital of the Company from Rs 85 crore to Rs 170 crore by creation of additional 42,50,00,000 equity shares of Rs 2 each and consequent amendment to clause V of the Memorandum of Association of the Company, subject to the approval of the shareholders of the Company.