3:1 Bonus Shares: November 12 Record Date; Buy The Stock To Be Eligible For 3 Free Shares For 1 Existing?

The shares of Bajaj Steel Industries began at Rs 2,985 per on the BSE on Wednesday, up 7.71% from the previous close of Rs 2,939.65. They then soared to an intraday high of Rs 3,160. Following the company's announcement of the record date for 3:1 bonus shares, the stock was trading 6.39% higher at Rs 3,127.40 in the afternoon trades. Founded in 1961 and registered on the Bombay Stock Exchange, Bajaj Steel Industries Limited (Bajaj) is a public limited company based in Nagpur, India.

Bajaj Steel Industries Bonus Shares Record Date

"In reference to our previous intimation dated October 03, 2024 and pursuant to Regulation 42 of the SEBI Listing Regulations, 2015, and on the receipt of shareholder's approval at the EGM held on October 28, 2024, this is to inform you that the Bonus Shares Allotment Committee of the Company has fixed the date of Tuesday, November 12, 2024 as the "Record Date" to determine the eligibility of shareholders for the issuance of Bonus Shares in the ratio 3:1 i.e. three (3) new equity shares for every one (1) share held by the shareholders," said the company in a stock exchange filing.

Bajaj Steel Industries Bonus Shares Allotment

"In reference to our previous intimation dated October 03, 2024 and October 29, 2024 and pursuant to Regulation 42 of the SEBI Listing Regulations, 2015, and on the receipt of shareholder's approval at the EGM held on October 28, 2024, this is to inform you that the Bonus Shares Allotment Committee of the Company has fixed the date of Tuesday, November 12, 2024 as the "Record Date" to determine the eligibility of shareholders for the issuance of Bonus Shares in the ratio 3:1 i.e. three (3) new equity shares for every one (1) share held by the shareholders. Further, the said committee had fixed the date of allotment as November 13, 2024 for the allotment of 15600000 Bonus Equity Shares having a face value of Rs.5/- each. We also undertake that we shall ensure submission of the requisite documents to Depositories for credit of bonus shares in the depository system latest by 12 P.M. of the next working day of the record date (i.e. T+1 day)," said Bajaj Steel Industries in a regulatory filing.

Bajaj Steel Industries Share Price Target

"Bajaj Steel stock price is bullish on the Daily charts with strong support at 2871. A Daily close above resistance of 3117 could lead to a target of 3300 in the near term," said A R Ramachandran, Independent Research Analyst.

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