Small-cap stock Bharat Seats has announced that its board will meet next week on Tuesday, November 5 to consider the bonus issue of shares along with the financial results of the company.
The company, which operates in India’s auto components and equipment segment, in an exchange filing on Tuesday, October 28 said, “... meeting of Board of Directors of the Company is scheduled to be held on Tuesday, November 05, 2024, inter alia… to consider issue of bonus shares to the members of the company.”
The company had last announced a bonus issue in 2007, thus making it the first such corporate action in 17 years.
Bharat Seats share price rose for the third day on Wednesday, October 30. The stock surged as much as 10.41 per cent to ₹194 today. On Tuesday, the stock had ended 7 per cent higher at ₹175.70.
In the last one year, the stock has surged 52.6 per cent while it has risen 20 per cent in the past six months. However, in the last one month, the stock is down 5 per cent amid broader market weakness.
The stock hit its 52-week high of ₹240 on the BSE on August 29, 2024, while it scaled a 52-week low of ₹125.65 on March 3, 2024.
According to the shareholding pattern shared by the company, Maruti Suzuki, India’s largest carmaker, is classified as one of the promoters. Maruti Suzuki held a 14.81 per cent stake or 46,50,000 shares of Bharat Seats at the end of the September quarter.
Bharat Seats is engaged in the manufacturing of seating systems, carpets, NVH components and body sealing parts for four-wheelers and two-wheelers. The company also provides seating system for the Indian Railways. It has five manufacturing facilities across the country.
