Sakuma Exports' stock surged 2% early on July 2 following board approval for bonus shares and fundraising via qualified institutional placement (QIP). At 09:26 AM, Sakuma Exports traded at Rs 36.28, up Rs 0.94, or 2.66%, on the BSE.
The company's board, in a meeting on July 1, greenlit a 4:1 issue of bonus shares—four new fully paid-up equity shares of Re 1 each for every existing share held. This move awaits shareholder approval on the record date yet to be determined.
Additionally, the board authorized fundraising through QIP, aiming to raise up to Rs 500 crore in one or more tranches.
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In the said meeting, the company board approved undertaking investment up to a sum of Rs 600 crore in direct/step-down subsidiaries of the company whether existing or proposed to be set up at a future date and whether situated in India or abroad.
And approved the increase in the limit of investment in the capital of the company up to 49 percent of the total paid-up capital of the company by foreign portfolio investors, foreign institutional investors, foreign direct investment and non-resident Indians.
The extraordinary general meeting (EGM) of the members of Sakuma Exports will be held on July 31, 2024.
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