Ajanta Pharma to issue bonus shares at a ratio of 1:2
Ajanta Pharma announced on Tuesday that its Board of Directors, at its meeting held today, approved the issuance of free shares in a ratio of 1:2, which is subject to the approval of the company’s shareholders. . Shares of Ajanta Pharma were trading down 4% at ₹1,653 each on BSE in afternoon bids.
“We have informed that the board of directors of the company had, during its meeting held today, among other things, examined and approved the issue of bonus capital shares in the proportion of 1 (one) capital share of Rs. 2/- each for 2 (two) equity shares of Rs. 2/- each held, subject to shareholder approval,” the pharmaceutical company said in an exchange filing.
The company said the issuance of free shares will be from the company’s free reserves as of March 31, 2022. Free shares are additional fully paid shares issued by a company to its existing shareholders.
Meanwhile, Ajanta Pharma’s fourth quarter (Q4FY22) operating revenue was ₹870 crore, up 15% from ₹757 crores in the same quarter last year. Its net profit, however, fell slightly to ₹151 crores of ₹159 crore year over year (YoY).
Founded in 1973 and headquartered in Mumbai, India, Ajanta Pharma is a specialty pharmaceutical company engaged in the development, manufacture and marketing of finished dosages in domestic and international markets. The pharmaceutical stock is down more than 17% in a year, while it has fallen more than 25% in 2022 (YTD) so far.