Stock Multibagger to issue free shares in a ratio of 1:2. Details here

Shivalik Bimetal Controls Ltd had announced that its board had earlier this week approved the free share issue in a 1:2 ratio, which is subject to shareholder approval at the upcoming annual general meeting ( AGM) of the company. Free shares are additional fully paid shares issued by a company to its existing shareholders.

“We inform you that the Board of Directors of the Company, in its meeting held today, i.e. August 29, 2022, notably examined and approved the following: 1. Issuance of free shares in a ratio of 2:1 , ie one free participating share of Rs. 2/- each for every two fully paid shares held, at the balance sheet date. Record dates determining which members are eligible to receive will be set in due course,” the company advised in an exchange filing on Monday.

The company stated that the free shares will be issued from the company’s free reserves and securities premium account available as of March 31, 2022. As of March 31, 2022, the total amount of free reserves and securities premium account is 17,949.8 lakhs. The estimated date when these free shares would be credited/sent is within 2 months from the date of board approval i.e. before October 28, 2022, he added.

The Board has decided that the 38th Annual General Meeting of the Company will be held on Tuesday, September 27, 2022 at 10:30 a.m. and the deadline to determine voting rights for electronic voting on the resolutions listed in the Notice of Meeting Annual General Meeting will be held on September 20, 2022.

Shivalik Bimetal Controls Ltd is a company specializing in joining materials by various methods such as diffusion bonding/coating, electron beam soldering, reflow soldering and resistance soldering. Our current program includes thermostatic bimetal, clad metal, spring-rolled stainless steels, e-beam welded materials with multi-gauge and multi-material strips and edge-welded thermostatic strips for an array of industries.

Shares of Shivalik Bimetal Controls have yielded a multibagger return of over 248% over a one-year period, while the multibagger stock has jumped over 51% in 2022 (YTD) so far.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Sallie R. Loera