1:10 Stock Split, 2:1 Bonus Shares In Q2: Penny Stock Below Rs 5 Hits Upper Circuit On NCDs Plan

Tuesday's session saw Standard Capital Markets Ltd. shares advance at a 2% upper circuit limit of Rs 3.32, which was also a new 52-week high. Since December 14, 2023, the stock has been climbing to its upper circuit level, going from Rs 2,29 per share to the existing market price, recording a gain of almost 45% during this time. The company's Board of Directors announcement that NCDs will be proposed prompted the stock price to rise today.

"Pursuant to the provisions of Regulation 29(1)(d) and 50(1)(d) of SEBI LODR Regulations, we wish to inform you that a Meeting of the Board of Directors of the Company will be held on Thursday, January 18, 2024, inter-alia, to consider and approve the proposed issue of Nonconvertible Debentures (NCDs) on a preferential basis by way of private placement in compliance with applicable provisions of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, SEBI LODR Regulations as amended from time to time. The above issuance shall be within the existing borrowings limits under section 180(1)(c) of the Companies Act, 2013, as approved by the members on September 28, 2023," said Standard Capital Markets in a stock exchange filing.

On December 22, 2023, Standard Capital Markets Ltd. was given permission by the BSE to issue and allot the proposed bonus shares as well as stock split. In this context, the exchange approved in principle the anticipated issue and distribution of up to 98,00,02,000 bonus equity shares of Re 1/-each, with each new equity share being issued at a ratio of 2:1, or two new equity shares for every 1 existing equity share owned by the eligible shareholders of the firm.

At their meeting held on November 24, Standard Capital Markets' board of directors authorized the split of the company's shares. The proposal for a 1:10 stock subdivision and bonus share issue was authorized by the company's board. The stock split and bonus issue, which were authorized by the shareholders at the company's Extra-Ordinary General Meeting on Monday, December 18 were declared with a record date of Friday, December 29, as per a regulatory filing.

A gain of 8,200.00% has been made in five years, 167.74% in one year, 21.61% YTD, 106.21% in six months, and 38.33% in one month from the shareholders of Standard Capital Markets shares.