Multibagger Stock Announces Big Update Regarding 5:1 Bonus Shares; Scrip Rally 550% In 1 Year

With a market valuation of Rs 420 Cr, Eastern Logica Infoway Ltd is a small-cap company in the speciality retail industry. Eastern Logica Infoway Limited is an Indian firm that sells a variety of electrical devices in retail outlets under many brands. The BSE saw a higher opening price for the stocks today of Rs 1470 per. During the morning trade, there was an upside gap of 1.12% at Rs 1464. Following the company's significant announcement regarding its 5:1 bonus share issuance, there was an apparent spike in buying activity in the stock.

"In terms of Regulation 28(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with regard to issue of Bonus Shares, we would like to inform you that the Company has received In-principle approval from BSE Limited," said Eastern Logica Infoway in a stock exchange filing on Thursday.

"We acknowledge receipt of your application regarding in-principle approval for issue and allotment of proposed Bonus equity shares to the shareholders in terms of Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015," said Eastern Logica Infoway in a stock exchange filing.

"In this regard, the Exchange is pleased to grant in-principle approval for issue and proposed allotment of not exceeding 1,42,53,345 Bonus equity shares of Rs. 10/- each in the ratio of 5 (Five) new equity share for every 1(One) existing equity shares held in the Company subject to the company fulfilling the following conditions:

• Submission of listing application form for the new securities to be allotted and documents as per Format available on the website of BSE Ltd. under following link- http://www.bseindia.com/static/about/downloads.aspx
• Payment of Additional listing fees on the enhanced capital, if applicable.
• Receipt of statutory and other approvals and compliance with guidelines issued by the statutory authorities including SEBI, RBI, MCA etc.
• Compliance with any change in the guidelines, regulations directions of the Exchange or any statutory authorities, documentary requirements from time to time.
• Compliance with all conditions of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 as on date of listing.
• Compliance with the Companies Act, 2013 and other applicable laws.
• Allotment of Equity Shares shall only be made in dematerialized form.

"In addition to above, the company should note that as per Schedule XIX - Para (2) of ICDR Regulations and as specified in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019, "the issuer or the issuing company, as the case may be, shall, make an application for listing, within twenty days from the date of allotment, to one or more recognized stock exchange(s)" along with the documents specified by stock exchange(s) from time to time. Any Non-compliance with the above requirement will attract, the fine as mentioned in SEBI circular no.

SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019," said Eastern Logica Infoway in a regulatory filing. "The Exchange reserves its right to withdraw its in-principle approval at any later stage if the information submitted to the Exchange is found to be incomplete/incorrect/misleading/false/or for any contravention of Rules, Bye-laws and Regulations of the Exchange. This approval is valid up to the time specified in 295(1) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and any non-compliance with the said requirement will attract, the fine as mentioned in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/94 dated August 19, 2019," the company further informed the stock exchanges.

"Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, The Company has fixed Wednesday, February 21st,2024 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for Issue of Bonus Equity Shares in the ratio of 5:1, which is subject to the approval of shareholders," said the company in a regulatory statement.

The scrip reached a 52-week-high of Rs 1,501.00 on (09/02/2024) and a 52-week-low of Rs 195.10 on (13/03/2023). The stock has generated a multibagger return of 547.79% in 1 year and 287.30% in the last 6 months.