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Concord Biotech Approves 1:1 Bonus Issue; Record Date Pending
Concord Biotech plans to give shareholders one extra share for every share they already own.
This is called a 1:1 bonus issue.
The new shares will have a face value of ₹1 each.
The company has not yet decided the record date.
The record date will determine which shareholders qualify.
The company will also increase the number of shares it is allowed to issue.
Its authorised share capital will double from ₹11 crore to ₹22 crore.
The stock rose nearly 2% after the announcement and has gained about 50% in six months.
Concord Biotech’s board approved its first-ever 1:1 bonus issue on September 23.
Eligible shareholders will receive one ₹1 fully paid-up bonus share for every one share held.
The company has not yet announced the record date for determining eligibility.
Authorised share capital will rise from ₹11 crore to ₹22 crore, creating 11 crore additional shares.
The stock closed 1.87% higher at ₹1,559.20, after gaining about 50.8% in six months.
- Who
- Concord Biotech Limited’s board approved the issue for eligible shareholders.
- What
- The company approved a 1:1 bonus issue and an increase in authorised share capital.
- Where
- The announcement was made through a BSE filing; Concord Biotech is headquartered in Gujarat.
- When
- The approvals were announced on Wednesday, September 23.
- Why
- The company approved the bonus issue as a corporate action; the articles do not state a further reason.
Key facts
- Bonus ratio
- 1:1
- Bonus entitlement
- One ₹1 fully paid-up equity share for every one ₹1 fully paid-up equity share held
- Record date
- Not yet finalised
- Authorised share capital
- To increase from ₹11 crore to ₹22 crore
- Additional shares created
- 11 crore shares of ₹1 each
- Closing share price
- ₹1,559.20 on BSE, up 1.87%
- Six-month return
- Approximately 50.8%
Quotes
Concord Biotech Limited
The Gujarat-headquartered biotech company announcing the bonus-share entitlement in its BSE filing.
“bonus equity share of Re 1 each for every one fully paid-up equity share of Re 1 each.”
livemint.com
Sources
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