Speciality Retail Stock Announces Major Update On 5:1 Bonus Shares: Bet?

Small-cap firm Eastern Logica Infoway Ltd operates in the speciality retail industry. An Indian firm named Eastern Logica Infoway Limited sells branded mobile phones, IT hardware, software, and related accessories and services in addition to engaging in multi-brand retail and retail selling. Regarding its 5:1 bonus share distribution, for which the record date was February 21, 2024, the company has released a major update.

Eastern Logica Infoway Bonus Shares Update

"We hereby inform that the BSE Limited has accorded the Trading Approval on 04.03.2024 pertaining to the Issue of Bonus Shares as approved by the shareholders vide Extra Ordinary General Meeting held on 10.02.2024. The Bonus share will be listed on the Exchange from Tuesday, March 5,2024," said the company in a regulatory filing. "Re: Trading of 1,42,53,345 Bonus Equity Shares of Rs. 10.00/- each bearing distinctive Nos 2850670 to 17104014.

We acknowledge with thanks the receipt of your application and subsequent submissions and have pleasure in advising that effective from Tuesday, March 5, 2024 the above-mentioned securities are listed on the Exchange. Please refer our Notice No. 2040304-4 dated March 4, 2024 available on our website issued in this behalf to the Trading Members of the Exchange, for your information, the contents of which may please be checked and confirmed to the Exchange," said Eastern Logica Infoway in a regulatory filing on Monday, March 4, 2024.

Eastern Logica Infoway Bonus Shares News

"We hereby inform you that the Board of the Company has approved allotment of 1,42,53,345 fully paidup equity shares of Rs. 10/- (Rupees Ten) each, as Equity Bonus Shares at its meeting held today, i.e. on February 27,2024. The Equity Bonus Shares are allotted in the proportion of 5:1 i.e. 5 (Five) new fully paid-up equity share of Rs. 10/- (Rupees Ten) each for every 1 (One) existing fully paid-up equity share of Rs. 10/(Rupees Ten) each held, to the eligible members whose name appeared in the list of shareholders as on February 21, 20}4, being the record date fixed for this purpose," said Eastern Logica Infoway in a stock exchange filing on 27th February.

Eastern Logica Infoway Share Price Target

Eastern Logica is slightly bearish on the Daily charts with strong resistance at 265. A daily close above this resistance could lead to a target of 314. The next support will be at 211, said AR Ramachandran from Tips2trades.

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