1:1 Bonus Shares: Record Date To Be Fixed, To Be Dispatched By February 8; Right Time To Buy?

A small-cap company in the real estate industry is Shraddha Prime Projects. Mumbai-based Shraddha Prime Projects Ltd. is a renowned real estate developer. One of Mumbai's leading real estate developers, Shraddha Prime Projects Ltd., is listed on the BSE. Following the company's announcement of bonus shares in a 1:1 ratio, Shraddha Prime Projects' shares closed Tuesday at a 2% upper circuit limit of Rs 233.60 with a market valuation of Rs 471.88Cr.

Shraddha Prime Projects Bonus Shares

The Board of Directors of the company in their meeting held on Monday, 9th December considered and approved "To Recommend issue and allotment of fully paid Bonus Shares, in the ratio of 1 (One) Equity Share for every 1 (One) Equity Shares held by shareholders of the Company on the Record Date to be fixed for the purpose, subject to approval of the shareholders," said the company in a stock exchange filing.

20,200,500 equity shares having a face value of Rs 10 each will be issued as bonus shares by Shraddha Prime Projects.

On or before February 8, 2025 is the estimated date by which the above-said bonus shares shall be credited or dispatched as per Shraddha Prime Projects.

Authorized Share Capital of Shraddha Prime Projects

The Board of Directors considered and approved "To increase the Authorised Share Capital of the Company from Rs 30,00,00,000/- (Rupees Thirty Crore only) divided into 3,00,00,000 (Three Crore) equity shares of Rs 10/- (Rupees Ten only) to Rs 45,00,00,000/- (Rupees Forty Five Crores only) by creation of additional 1,50,00,000 (One Crore Fifty Lacs) equity shares of Rs 10/- (Rupees Ten only), subject to approval of the shareholders," said Shraddha Prime Projects in a stock exchange filing on Monday.

Shraddha Prime Projects Share Price Target

"Shraddha Prime Projects stock price is bullish but also overbought on the Daily charts with the next resistance at 255. Investors should be booking profits as a Daily close below support of 213 could lead to 172 in the near term," commented A R Ramachandran, Independent Research Analyst.

Disclaimer

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