Multibagger Stock 2024: Shakti Pumps, manufacturer and supplier of energy-efficient pumps and motors, on Monday, October 7, said that its board has approved the bonus shares in a 5:1 ratio. This means, the company will issue five new shares for every one share held by the shareholder.
The company in an exchange filing said, “Board of Directors of Shakti Pumps (India) Limited at its meeting held today i.e. Monday, October 07, 2024, recommended issue of bonus shares in the ratio of 5:1 i.e., 5 (Five) new fully paid up equity share of ₹10/- each for every 1 (One) existing fully paid up equity share to the eligible shareholders of the company as on the record date, subject to the approval of Members of the Company through the postal ballot process.”
The company has not yet determined the record date for the bonus share issue. “Record date to determine the eligible shareholders for bonus equity shares shall be intimated in due course of time to the exchanges separately,” the filing added.
The board also gave its nod to the increase in the authorised share capital of the company from ₹40 crore to ₹190, subject to approval.
Furthermore, the company's board also approved the appointment of Ramakrishna Sataluri as an additional cum non-executive & non-independent director of the company.
Shakti Pumps stock continued to trade with cuts following these announcements. At around 3.10 pm, Shakti Pumps share price was locked in the 5 per cent lower circuit at ₹4,304.9 on the BSE.
The scrip hit a high of ₹4,599.95 and a low of ₹4,304.90 in intra-day trading on Monday.
So far in 2024, the stock has risen 321 per cent. Meanwhile, in the last one year, the stock has surged 369 per cent.
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