Energy Stock Declares Major Update On 5:1 Bonus Shares: Do You Own?

Sandur Manganese & Iron Ores is a small-cap energy firm that supplies top-notch ferroalloys, manganese, and iron ores to some of the top brands in various sectors. After the company announced an important update concerning 5:1 bonus shares, the stock wrapped up the Wednesday closing session up 2.61% at Rs 571.25 per share.

"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 in-principle approval for listing of 13,50,29,115 Equity Shares of Rs.10/- each allotted pursuant to Bonus Issue from the Exchanges, on 7 February 2024. The letters received from the Exchanges are attached herewith," said Sandur Manganese & Iron Ores in a stock exchange filing.

"We are in receipt of your application for in-principle approval for listing of 135029115 Equity shares of Rs. 10/- each issued to the shareholders of the company as bonus in the ratio of 5 additional equity shares for every 1 equity shares held bearing distinctive numbers from 27005824 to 162034938. We have perused the listing application and the related documents/details submitted by you for listing of the above shares," the Board of Directors of the company said in a BSE filing.

"We are pleased to grant the in-principle approval for listing of the above shares on the Exchange. The said shares would be listed and admitted to dealings on the Exchange on receipt of the following confirmation from the depositories i.e. NSDL/CDSL for credit of beneficiaries' accounts," they further stated.

"We acknowledge receipt of company letter together with the Listing Application for listing of Equity shares and would advise that the Exchange is pleased to grant In-principle approval for the listing of 13,50,29,115 Bonus Equity shares to be dealt on this Exchange. Further, trading in the aforesaid securities of your Company will be permitted after the company submits the following:

• Letter/s issued by the National Securities Depository Ltd., and /or Central Depository Services (India) Ltd., confirming the credit of the above-mentioned shares in the beneficiary owners account.
• Certified true copies of listing approvals received from National Stock Exchange (if applicable)," said the Board of Directors of Sandur Manganese & Iron Ores in a regulatory filing.

For the purpose of 5:1 bonus shares, the record date set by the company was 2nd February 2024.

The Karnataka State Pollution Control Board (KSPCB), Bengaluru, has recently granted the company permission to expand its operations. Specifically, the permission dates from February 2, 2024, and it pertains to increasing the production of iron ore from 1.60 to 3.81 million tonnes per annum (MTPA) and manganese ore from 0.286 to 0.46 MTPA. In order to function at the higher levels, the company will now need to submit all necessary clearances to the Monitoring Committee that the Honourable Supreme Court established to maintain the Maximum Permissible Annual Production (MPAP).