LIC-Backed Penny Stock Below Rs 10 Declares 1:1 Bonus Shares: Do You Own?

On Monday, November 27, 2023, Integra Essentia, a small-cap firm in the FMCG industry, conducted its board of directors meeting. At the meeting, the company made multiple announcements like bonus shares, fundraising plan, increase in authorised share capital, and the appointment of CFO.

The Board of Directors considered and approved "Issuance of Bonus issue of equity shares in the ratio of 1:1 i.e. 01 (One) equity share of Rs. 1/- each for every 1 (One) equity shares of Rs. 1/- each held by the eligible shareholders of the Company as on record date, subject to shareholders and other statutory approvals. Record Date to determine the eligible shareholders shall be decided and will be intimated to exchange separately," said Integra Essentia in a stock exchange filing. Within 2 months from the date of the Board meeting wherein the decision of bonus shares issue was taken subject to the approval of the shareholders, according to the company.

45,70,33,003 equity shares of Rs. 1/- each fully paid-up are the total number of securities proposed to be issued as part of bonus shares. Bonus shares will be issued out of the free reserves & securities premium reserve of the company available as Rs. 6559.01 Lacs as of September 30, 2023.

The company has announced a plan to raise funds to further accelerate its growth. This plan involves issuing and allocating securities to raise up to Rs. 100 crore through a variety of strategies, including a series of right issues with each tranche not exceeding Rs. 50 crore, preferential allotments, QIPs, ADRs, GDRs, and FCCBs.

The Board of Directors considered and approved "Increase in the Authorised Share Capital of the Company to Rs. 125.00 Crore [124,95,00,000 (One Hundred Twenty-Four Crores and Ninety-Five Lakh) Equity Shares of Re. 1/- (Rupee One Only) each and 5,00,000 (Five Lakh) preference shares of Re. 1/- (Rupee One) each)] from the existing Authorised Capital of Rs. 60.00 Crore divided into [59,95,00,000 (Fifty-Nine Crores and Ninety-Five Lakh) Equity Shares of Re. 1/- (Rupee One Only) each and 5,00,000 (Five Lakh) preference shares of Re. 1/- (Rupee One) each)," said Integra Essentia in a regulatory filing on Monday.

The Board authorised Mr. Pankaj Sardana's appointment to the position of Chief Financial Officer (CFO) of the company, which will become effective November 27, 2023.

On Friday, the shares of Integra Essentia closed on the BSE at Rs 7.02 apiece. The scrip made a 52-week-high of Rs 9.35 on (20/12/2022) and a 52-week-low of Rs 5.10 on (28/08/2023). During the quarter ended September 2023 or Q2FY24, LIC held fully paid-up equity shares of 48,59,916 or 1.06% stake in the company.