1:1 Bonus Share, Rs 5 Dividend: Multibagger Navratna PSU Issues Bonus Allotment Update, Shares Gain 9.48%

Mid cap Navratna PSU RITES Ltd today issued an update on bonus share allotment. Earlier, RITES had recommended 1:1 bonus share on July 31 and a dividend of Rs 5/share on May 28, 2024. RITES shares gained 9.48% on the ex-bonus and ex-dividend date that was fixed as September 20, 2024. RITES shares offered shareholders return of 12.85% in last 1-week span and zoomed 49% in 2024. The company's market capitalisation stood at Rs 17,955.36 crore. Check key details pertaining to RITES bonus allotment below:

RITES Gives Bonus Share Allotment: As per the regulatory filing of RITES dated September 21, 2024, "we hereby inform that "Committee of Directors for Bonus Shares Issue, 2024" of the Company at their meeting held today i.e., September 21, 2024 has allotted 24,03,01,887 (Twenty-Four Crore Three Lakh One Thousand Eight Hundred and Eighty-Seven) fully paid-up Bonus Equity Shares of face value of Rs. 10/- each in the ratio of 1:1 i.e., One (1) fully paid-up Equity Share of Rs. 10/- each for every One (1) existing Equity Share of Rs. 10/- each, held by the shareholders of the Company as on the record date i.e., Friday, September 20, 2024."

RITES Bonus Share: The BSE filing of RITES dated Aug 14, 2024 stated, "pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, 20th September, 2024 as the Record Date for the purpose of Bonus Issue.

RITES Dividend In 2024: The exchange filing of RITES Ltd issued as on May 28, 2024 said, "recommended Dividend of Rs. 5.00/- per share (i.e. 50%) on 24,03,01,887 equity shares of face value of Rs. 10 /- each of the Company for the financial year 2023-24, subject to approval of the same by the Shareholders in the ensuing 50th Annual General Meeting of the Company."

RITES Shares Performance: The 52-week high price of RITES shares on BSE is Rs 413.08 apiece (as on 27/02/2024) and 52-week low price is Rs 216.33 apiece (as on 26/10/2023), respectively. RITES shares witnessed rally of 19% in last 6-months, soared 149% in last 2-years, and surged 170% in last 3-years. RITES shares zoomed 214% in last 5-years.

About: RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India. It has diversified services and geographical reach. The company has an experience spanning 49 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.

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