On Monday, October 7, NBCC’s stock increased by more than 4%, since the scrip became ex-bonus today. The company’s board meeting on August 31, 2024, approved the issuance of bonus shares in a 1:2 ratio.
NBCC’s board approved the issuing of one fully paid-up equity share for every two existing shares, subject to shareholder approval at its Annual General Meeting. Monday, October 7 was set as the record date for deciding if shareholders qualified for the bonus shares.
Around 9:54 a.m. on the NSE, the price of NBCC shares was rising, up 3.75%, at ₹116.90. The market capitalisation of the company is ₹31,617 crore. The price of NBCC’s stock last reached a 52-week high of ₹139.83 on August 28, 2024, and a 52-week low of ₹38.33 on October 5, 2024.
A statement from the firm states that the audited financial accounts as of March 31, 2024, which show NBCC’s free reserves of ₹90 crore, will be used to finance the issuance of bonus shares. At now, the company possesses reserves and excess worth of ₹1,959 crore that can be capitalised.
To raise the total share capital from 180 crore shares to 270 crore shares after bonuses, NBCC intends to issue 90 crore new equity shares with a face value of 1 apiece. It is anticipated that the bonus shares will be dispatched by October 31, 2024.
