Consumer Discretionary Stock Announces Big Update On 1:1 Bonus Shares; Bet?

Small-cap company Advani Hotels & Resorts (India) is in the consumer discretionary industry. On Wednesday, the stock started at Rs 76.50 a share higher following the company's big announcement on the allotment of 1:1 bonus shares for which the record date was 20th March.

Advani Hotels & Resorts Bonus Shares Update

"Pursuant to the provisions of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has received approval for trading of its 4,62,19,250 Bonus Equity Shares of Rs. 2/- each from the Exchanges (BSE Limited and National Stock Exchange of India) on March 26, 2024. The said Bonus Equity Shares are listed and admitted to dealings on the Exchanges from March 27, 2024, as per the letters annexed herewith," said the company in a regulatory filing on Tuesday.

Advani Hotels & Resorts Bonus Shares Record Date

"In continuation of our earlier communication dated January 29, 2024 and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("Listing Regulations"), we wish to inform that the Board of Directors, at its meeting held today i.e. March 21, 2024, approved the allotment of 4,62,19,250 fully paidup Equity Shares of Rs 2/- each by way of Bonus issue to such members whose names have appeared in the Register of Members as on March 20, 2024, being the 'Record Date' fixed for the said purpose.

The Bonus issue is in the proportion of 1:1, i.e. 1 (One) new fully paid-up Equity Share of Rs 2/- each for every 1 (One) existing fully paid-up Equity Share of Rs 2/- each. The Bonus Shares shall rank pari-passu in all respects and carry the same rights as that of existing equity Shareholders of the Company, which inter alia include dividends and other corporate benefits, if any, declared by the Company post Bonus Shares allotment. The requisite compliances with respect to credit of Bonus Equity Shares in the Demat Accounts of the concerned Shareholders shall be completed by March 28, 2024," said Advani Hotels & Resorts said the company in a regulatory filing on March 21, 2024.

Advani Hotels & Resorts Share Price Target

Advani Hotels is slightly bearish on the Daily charts with strong resistance at 87. A daily close below support of 68.35 could lead to a target of 59 in the near term, said AR Ramachandran from Tips2trades.

Disclaimer

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