MM Forgings 1:1 bonus issue: Last day to buy shares to qualify before record date
MM Forgings' 1:1 bonus share issuance is set for July 16, marking its golden jubilee. Eligible shareholders will receive one bonus share per share, credited by July 28. This, the fourth issuance, capitalizes Rs 24.14 crore from reserves. Q4 2024 saw revenue up 20%, profits up 36%, and shares surged 48%, per Trendlyne. Today is the last qualifying day.
had announced July 16 as the record date for its 1:1 bonus share issuance, meaning that today is the last day to buy the shares to qualify for receiving the bonus shares of the company.Earlier in the month of May, MM Forgings’ board announced that the company had completed 50 years in April 2024 and to commemorate their golden jubilee, it will be issuing bonus shares to its eligible shareholders in a ratio of 1:1, which means that for each share of the company held by the shareholders, they will receive one bonus share in their demat account.
The company, via its filing, stated that it will be carrying out the issue by capitalizing a sum of Rs 24.14 crore out of the sum parked in the company’s general reserves or securities premium account.
The bonus shares of the company will be credited to the eligible shareholders on or before July 28, according to the same filing available with the exchange.
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This is the fourth instance of the by the company since going public. The earlier bonus issues were in the years 2005, 2008, and 2018.
For the quarter ended March 31, 2024, MM Forgings reported a 36% increase in profit for the March quarter to Rs 38.62 crore, while the revenue from operations increased 20% year-on-year (YoY) to Rs 387.3 crore in the fourth quarter of 2023-24.
In the last one year, the shares of MM Forgings have given returns of 48%, while in the last six months, the stock has surged nearly 40%, as per the Trendlyne data.
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Source: Stocks-Markets-Economic Times
