Penny Stock Below Rs 5 Opens At Upper Circuit As Board To Mull Special Dividend Soon

Following the scheduled meeting of the Board of Directors on April 30, 2024, to discuss the special dividend for FY24, Standard Capital Markets' shares opened on Friday at a 2% upper circuit limit of Rs 1.94 per share. If announced by the Board, the interim dividend will set the record date for determining the entitlement to the interim dividend for the 2023-2024 fiscal year.

A meeting of the Board of Directors of Standard Capital Markets Limited is scheduled to be held on April 30, 2024, inter alia to consider the proposal for the declaration of a special dividend as an interim dividend for the financial year 2023-24. "This special dividend is being given in recognition of the unwavering support and trust of its valued shareholders. Their steadfast commitment has been instrumental in propelling the company forward and seizing opportunities with confidence. The company remains dedicated to driving sustainable growth and creating long-term value for all its stakeholders," said the company in a regulatory filing on Thursday.

Standard Capital Markets states that the interim dividend if it is announced by the Board, will set the record date for determining the members for the interim dividend entitlement for the fiscal year 2023-2024.

On their meeting, the Board of Directors will also consider the issuance of one or more instruments including equity shares/convertible securities either by way of Preferential Issue/Rights Issue/or any other mode as may be considered or as may be deemed fit and/or other modalities including determination of price thereon, as per a stock exchange filing.

A variety of financial services are provided by Standard Capital Markets Limited, a Non-Deposit Accepting NBFC. These services include providing funding to individuals and Small and Medium Sized Enterprises (SMEs) as well as dealing in securities, bonds, and stock market units.