1:1 Bonus Share Recommended After Mkt Hours: Small Cap Stock Zooms 138% In 30-Days

Small cap company from the civil construction industry, Promax Power shares gained 138% in last 30-year and hit 5% upper circuit on BSE Tuesday. The company today recommended bonus share in the ratio of 1:1 implying shareholder will be eligible to receive 1 bonus share for every 1 share held as on the record date.

The company has yet to announce the record date for 1:1 bonus share. Last trading price of Promax Power shares on BSE is quoting Rs 138.70 apiece with intraday gain of 5.00%. The company has a market capitalisation of Rs 173.38 crore. Check details below:

Promax Power Declares 1:1 Bonus Share: As per the BSE filing of Promax Power dated Feb 20, 2024, "Pursuant to Regulation 30 of the SEBI ICDR Regulations and under the relevant provisions of the Companies Act, 2013, subject to approval of all such regulatory/ statutory approval as may be required including approval of shareholders we wish to inform you that in the meeting of Board held today the following has been decided:

1. Approval of Increase in Authorized Capital of Company up to Rs. 25 Crores divided in to 2.5 Crore Equity Shares of Rs.10/- each subject to Shareholder approval in Extra Ordinary General Meeting.

2. Alteration of Memorandum of Association Clause V Capital Clause, subject to Shareholder approval in Extra Ordinary General Meeting.

3. Migration of companies current listing of SME to the mainboard of the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

4. To approve the draft Notice calling Extra Ordinary General meeting to be held on 26 th March 2024.

5. To issue and allot Bonus Shares in the ratio of 1:1."

Promax Power Shares Performance & Return: The 52-week high price of Promax Power shares on BSE is Rs 138.70 apiece and 52-week low price is Rs 34.37 apiece, respectively. The company has a market capitalisation of Rs 173.38 crore. Promax Power shares offered return of 86% in last 2-weeks only, rallied 156% year-to-date, surged 259% in last 6-months, and soared 225% in last 1-year. In last 2-years, Promax Power shares jumped 404%.

Promax Power Acquires 24% Stake In Promax Carbontier Pvt Ltd: The company informed in its February 5, 2024 regulatory filing that it acquired 24% stake in Promax Carbontier Pvt Ltd. According to the BSE filing, "Promax Carbontier's focus on climate change and carbon credit project development aligns seamlessly with our long-term vision. We anticipate that this collaboration will diversify our business portfolio, mitigate risk, and contribute positively to our financial performance. As we embark on this journey, we are confident that it will result in increased shareholder value and further position of Promax Power Limited as a leader in sustainable business practices."

About: It was established in 2004. It is engaged in executing turnkey Power, substation, transmission line, Hydro, distribution, electrification, Civil construction, Pre-engineered Building, High Rise Building, Sewerage and Water treatment projects. It offers professional solutions, design and engineering services to its customers.

Disclaimer: The stock highlights the bonus share and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.