2:1 Bonus Shares: March 19, 2024 Fixed As Record Date; Buy The Metal Stock To Be Eligible?

At the BSE's pre-opening session on Thursday, Rama Steel Tubes Ltd., a small-cap metal firm, had a market valuation of Rs 2,047.43 Cr. The stock was trading 2.95% higher at Rs 41.50 each on Mar. 07, 09:03 AM. On January 23, 2024, the share price reached a 52-week high of Rs 50.50, and on March 29, 2023, it reached a 52-week low of Rs 26.10. The firm has an installed capacity of 2,64,000 metric tonnes per year and is a professional manufacturer and supplier of steel pipes and tubes.

Rama Steel Tubes Bonus Shares Record Date

"We wish to inform that pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has fixed Tuesday, March 19, 2024, as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of Bonus Shares. The Bonus Shares, once allotted, shall rank pari-passu in all respects with and carry the same rights as the existing equity shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared after the new equity shares are allotted," said Rama Steel Tubes in a regulatory filing on March 06, 2024.

Rama Steel Tubes Bonus Shares Allotment

The Board of Directors in their meeting held on January 24, 2024 has inter-alia, considered and approved "Issue of Bonus Shares in the proportion of 2:1 i.e. 2 (Two) fully paid-up bonus equity share of Rs.1/-(Rupees One only) each for every 1 (One) fully paid-up equity share of Rs.1/-(Rupees One only) each held by the Members of the Company as on the Record Date, subject to approval of Members of the Company through Postal Ballot," said Rama Steel Tubes in a stock exchange filing.

Rs. 103,61,54,050/- is the total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately) as a part of bonus shares. Within 2 months from the date of Board approval i.e. on or before March 24, 2024 is the estimated date by which such bonus shares would be credited/ dispatched according to the company.

Rama Steel Tubes Share Price Target

Rama Steel Tubes is bullish on the Daily charts with strong support at 37.4. A daily close above resistance of 41.5 could lead to a target of 50 in the near term, said AR Ramachandran from Tips2trades.

Disclaimer

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