Multibagger stock recommends issuing free shares in a ratio of 1:10

The Board of Shubham Polyspin Ltd met on Saturday August 13, 2022 and recommended the issuance of free shares of the company in a ratio of 1:10. Free shares are additional fully paid shares issued by a company to its existing shareholders.

“The Board of the Company has recommended the issuance of 1 (one) free share of Rs. 10/- each fully paid for the existing 10 (ten) equity shares of Rs. 10/- each using 1,10,20,000/- on a portion of the current profit and loss account credit balance and as reflected in the company’s financial statements as of March 31, 2022,” the company advised in an exchange filing.

In addition, the board also approved an increase in the authorized share capital of the 12 crore to 13 crores divided into 1,30,10,000 share capital of 10/- each, he added.

The company has stated that the matters mentioned above are subject to the approval of members of the company and all relevant authorities including BSE Limited and all other compliances under the Companies Act 2013 and applicable securities laws.

“The Board has also decided to seek the approval of the members of the Company at the next Annual General Meeting to be held on September 12, 2022. Subject to obtaining all required approvals, the Company will endeavor to complete all the formalities, including the credit of free capital shares within the legal deadlines,” he added.

Incorporated in 2012, Gujarat-based Shubham Polyspin is engaged in the manufacture of polypropylene multifilament yarns of various types including air-entangled yarns, twisted yarns and bag closing yarns.

Last month, the company advised in a regulatory filing to stock exchanges that the company’s board meeting was to be held on Saturday August 13, 2022 to record unaudited financial results for the quarter ended June 30. , 2022 and also to consider recommending free shares as well as reviewing the company’s business activities.

The company’s shares made their trading debut on the BSE and NSE in October 2018 and have since generated a multibagger return of over 1,190%. So far, multibagger stock is up over 67% in 2022 (YTD or YTD).

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Sallie R. Loera